Dan Loeb, who owns almost 6 percent of Yahoo, nominates former NBC chief Jeff Zucker and Michael Wolf to its board
Yahoo shareholder Dan Loeb, a regular critic of the company’s management, weighed in on the recent departures of co-founder Jerry Yang and Board Chairman Roy Bostock on Tuesday, recommending four new directors in a filing with the Securities and Exchange Commission.
Loeb suggested himself – no surprise there – along with former NBC Universal boss Jeff Zucker, former MTV President Michael Wolf and MAEVA Group CEO Harry Wilson.
These candidates, in Loeb’s opinion, would bring the requisite business and restructuring experience to shepherd Yahoo’s resurrection.
An early Internet titan, Yahoo has struggled with its identity over the past several years. It has abandoned search for the most part after striking a deal with Microsoft, but it is still unclear if it is fully committed to being a content company.
At the same time, it has watched advertising dollars slip away to the likes of Google an Facebook.
This uncertainty led to the ouster of CEO Carol Bartz in September, the departure of co-founder Jerry Yang in January and the exit of Chairman Roy Bostock, as well as three other board members, Feb. 7.
Loeb, who owns a 5.56 percent stake in Yahoo, said that those changes were a start, but not enough.
“Installing the hand-picked choices of the current Board does nothing to allay investor fears that Yahoo is poised to repeat the errors of its past,” the filing said. “In order to protect and instill confidence in the Issuer’s shareholders, the Reporting Persons believe it is imperative to accelerate the transition of the Retiring Directors and introduce new outside nominees from relevant financial and business backgrounds.”
Loeb is the founder of Hedge Fund Third Point LLC. Will he have his way? Does Zucker even want on the board? Stay tuned.