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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
America's super-secret X-37B plane returns to Earth after nearly TWO YEARS aloft
674 days in space for US Air Force's mystery orbital vehicle
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
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.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.