Hedge fund Third Point LLC scooped up shares of Yahoo Inc (YHOO.O) and demanded that the company overhaul its board, saying the directors had made "serious misjudgments" and "destroyed value" for stockholders. A "reconstituted board with new directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary," said Third Point, which has about $8 billion under management and now owns about 5 percent of Yahoo shares. In a letter to the Yahoo board, Third Point Chief Executive Officer Daniel S. Loeb called for the "prompt" resignation of Chairman Roy Bostock and directors Arthur Kern, Vyomesh Joshi, and Susan James. Third Point said it had held discussions with a number of potential replacements for current directors.
Yahoo! Inc. (Yahoo!) is a digital media company. Yahoo! provides engaging and innovative canvases for advertisers to connect with their target audiences. Shares of YHOO traded higher by 3.01% or $0.41/share to $14.02. In the past year, the shares have traded as low as $11.09 and as high as $18.84. On average, 28743200 shares of YHOO exchange hands on a given day and today's volume is recorded at 47508532.
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