Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Third Point Demands Records Related To Selection Of Thompson As Yahoo! CEO

RELATED NEWS
Trade YHOO now with 

Third Point LLC Monday demanded an inspection of Yahoo! Inc.'s (YHOO: Quote) books and records related to the hiring of CEO Scott Thompson who is under fire from the hedge fund for having lied about his academic credentials.

Third Point also demanded investigation into the appointment of Patti Hart to the Yahoo! Board, and the selection of Board Members Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr., and Fred Amoroso.

Third Point, which owns a 5.8 percent stake in Yahoo!, made the demands under Section 220 of the Delaware General Corporation Law.

Last week, Third Point chief Daniel Loeb sent a letter to the Yahoo! board demanding that CEO Thompson be terminated by May 7. Loeb urged the Yahoo Board to drop its resistance to placing the Third Point nominees on the Board.

According to Yahoo's SEC filings, the CEO Thompson holds a Bachelor's degree in accounting and computer science from Stonehill College, while in reality he graduated with a degree in accounting only.

Further, Hart, a member of the Nominating Committee and the chair of the Search Committee, herself has been charged with lying about her academic background. Yahoo!'s filing discloses that Hart holds a Bachelor's degree in marketing and economics from Illinois State University. However, Hart only holds a degree in Business Administration.

Third Point demanded the records to investigate wrongdoing or possible mismanagement by Yahoo! in connection with the hiring of Scott Thompson as the CEO; appointment of Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr. and Fred Amoroso to the Yahoo! board rather than the nominees proposed by Third Point.

Third Point also wants an investigation into wrongdoing or possible mismanagement by Yahoo! in connection with the statements related to the filings on Thompson's educational background were "inadvertent."

YHOO is trading at $15.45, up $0.31 or 2.01%, on a volume of 8 million shares.

Register
To receive FREE breaking news email alerts for Yahoo! Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks have fluctuated over the course of the trading day on Thursday, as traders continue to digest yesterday's monetary policy announcement from the Federal Reserve as well as better than expected third quarter GDP data. Hundreds of protesters stormed Burkina Faso's parliament on Thursday and set fire to the building, preventing the lawmakers from considering a bill to extend the president's 27-year rule. Security forces opened fire on protesters, as they looted computers and televisions in the National Assembly, news agencies reported. The angry crowd then marched towards the President's office, before they were U.S. economic activity increased by more than expected in the third quarter of 2014, according to a report released by the Commerce Department on Thursday. The Commerce Department said GDP increased by 3.5 percent in the third quarter compared to 3.0 percent growth expected by economists.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.