Yahoo Loses Board Members That Instigated Turnaround
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The ongoing Yahoo turnaround began months before the portal named Marissa Mayer its CEO. In September 2011 Yahoo investor Daniel Loeb and his hedge fund Third Point began what turned into a proxy fight that eventually led to the firing of CEO Scott Thompson, the appointment of Mr. Loeb to Yahoo’s board and hire of Ms. Mayer.
Now Mr. Loeb and two other Third Point nominees to Yahoo’s board — Maeva Group chairman and CEO Harry Wilson and former MTV Network president and COO Michael Wolf, who recruited Ms. Mayer — are stepping down, and Yahoo has bought 40 million of Third Point’s shares , the portal announced on Monday (release below).
Up 87% since Mr. Loeb took his board seat, Yahoo’s stock was down more than 4% Monday morning in the wake of the news.
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