Third Point’s Loeb calls Yahoo’s Bostock ‘a destroyer of value’

Discussion in 'Stocks' started by ASusilovic, Sep 14, 2011.

  1. Third Point’s Daniel Loeb apparently isn’t making much headway getting the management changes he wants at Yahoo.

    Included in an amended SEC filing reporting his share purchases was a copy of a letter to co-founder Jerry Yang.

    Mr. Jerry Yang
    701 First Avenue
    Sunnyvale, CA 94089
    Dear Mr. Yang:
    Thank you for taking the time to speak with us by telephone on Monday. We are only sorry that we were not able to finish our conversation as a result of Mr. Bostock’s abrupt unilateral termination of the call.
    Mr. Bostock’s failure on the call to acknowledge his pivotal role in, and accept responsibility for, the decline of Yahoo! makes clear that he does not intend to voluntarily follow his recently terminated hand-picked executive, Ms. Bartz, out the door. It is our strongly held belief that not only has Mr. Bostock been a destroyer of value, but also so long as he serves as Chairman of the Board, the Company will not be able to attract the talent it needs and deserves, particularly at the CEO level. This opinion is based not only on our prematurely truncated conversation, but on numerous discussions with Silicon Valley cognoscenti and other people familiar with both Mr. Bostock and the Company.
    As a Founder and major shareholder of the Company, the abysmal record of the current leadership must be heart-rending to you personally, as well as damaging to your net worth. We urge you to do the right thing for all Yahoo shareholders and push for desperately-needed leadership change. We are prepared to support you and present you with suggestions on candidates who could help bring Yahoo back to its rightful place among the world’s top digital media and technology companies.
    /s/ Daniel S. Loeb
    Daniel S. Loeb
    cc: Yahoo Board of Directors

    -Tom Bemis

    You have to enjoy Daniel Loeb´s "CEO letters". Every time again worth reading.

    :D :p :)