Daniel Loeb Attempts to Oust Yahoo!'s "Destroyer of Value," Roy Bostock
Carol Bartz was just the beginning.
In a letter sent to Yahoo! co-founder and former CEO Jerry Yang, Loeb criticizes Bostock's “abrupt unilateral termination” of a call with shareholders.
“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,” Loeb wrote. “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.”
Loeb said that his opinion is based “not only on our prematurely truncated conversation, but on numerous discussions with Silicon Valley cognoscenti and other people familiar with both Mr. Bostock and the Company.”
“We urge you to do the right thing for all Yahoo shareholders and push for desperately-needed leadership change,” Loeb continued. “We are prepared to support you and present you with suggestions on candidates who could help bring Yahoo back to its rightful place among the world's top digital media and technology companies.”
While Loeb is clearly not a fan of Bostock, he did not comment on Yahoo!'s interim CEO, Tim Morse, who Global Equities Research recently referred to as being “clueless.”
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