Feeds

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

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

Secure remote control for conventional and virtual desktops

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. ®

Internet Security Threat Report 2014

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
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.
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.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
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.