Feeds

Kick! Bostock! out! too! demands! Yahoo! shareholder!

'Value destroyer' put the phone down on me, goddammit!

Internet Security Threat Report 2014

Outspoken hedge fund manager Daniel Loeb has discharged another strongly-worded letter to Yahoo! co-founder Jerry Yang and the board, urging changes at the top to bring the company back from the brink.

Loeb, who heads up the Third Point fund, which holds a 5 per cent stake in Yahoo!, is not content with Yahoo!'s sacking of CEO Carol Bartz, he also wants to see chairman Roy Bostock given his marching orders, which he already called for last week.

After that shout-out to Yahoo!, Loeb got on the phone with Bostock and Yang on Monday in what we can only presume was not a very happy conversation, since according to Loeb's letter, Bostock hung up on him.

Loeb lays much of the blame for Yahoo!'s decline at Bostock's door in his well-worded rant, which was filed with the US Securities and Exchange Commission (SEC):

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.

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.

Loeb claims his calls for Bostock's resignation or termination are based not just on his own personal views and the "prematurely truncated" phone call, but also on chats he's had with "Silicon Valley cognoscenti" and other people who know Bostock and the company.

Unhappy phone calls seem to be par for the course over at Yahoo!, since ex-CEO Carol Bartz was sacked over the phone last week. Bartz had come onboard at Yahoo! to replace Yang as CEO after he rejected a $47.5bn takeover bid from Microsoft – a decision many shareholders were not too chuffed with. Bartz partnered up with Microsoft and shuffled things around at Yahoo!, but wasn't able to revive the company's fortunes swiftly enough. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
DVLA website GOES TITSUP on day paper car tax discs retire
Welcome to GOV.UK - digital by de ... FAULT
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.