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Third Point launches campaign for Yahoo's board

Thursday, March 15, 2012

Bailey McCann, Opalesque New York: Activist US-based hedge fund Third Point, is launching a campaign to hand pick the board members at Yahoo!. Third point claims that the company has failed to provide the investor with enough say in the firm's operations. The actions by Third Point CEO Daniel Loeb echo earlier moves in November when he called for the resignation of Yahoo! co-founder Jerry Yang and then asked for two seats on the board.

Loeb has written a letter to the Securities and Exchange Commission (SEC), saying that the company left him "no other choice," than to launch this campaign. Loeb has previously nominated himself to serve on the board. Third Point is one of the firm's largest investors.

According to an emailed statement from Yahoo! quoted in a Reuters account of the matter, the company's corporate governance committee is considering a range of candidates. "The committee has included Third Point's candidates in its thorough review process and will make its recommendations to the full board in due course," the statement said.

Yahoo! has seen a several CEO's in recent years as the firm struggles to maintain revenue and market share against Google and Bing. The company lost more than a fifth of its revenue last year. Four board seats are currently ......................

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