Third Point Demands Yahoo To Fire Its CEO Scott Thompson On Monday

Posted on May 7 2012 - 6:25am by Editorial Staff

With the last week controversy surrounded Yahoo over its CEO resume mentioning of Computer Science degree although he had done Accounting, the Third Point Daniel Loeb demanded that the internet company will fire Scott Thompson by Monday. Loeb even also called the resignation of board member Patti Hart, whom he had accused of claiming false degree on her resume, Reuters reports.

On the other side, AllThingsD reports that Loeb quickly lobbed in another letter, making an explicit legal threat to get the resume information:

Third Point will consider it grounds for further action if the Board does not take the following steps by Noon EDT on Monday, May 7th:

1) Publicly reveal the process by which it vetted Mr. Thompson as a potential CEO candidate. This disclosure should include the release of all minutes of any meeting at which Mr. Thompson’s candidacy was discussed and any reports or other materials upon which directors relied to evaluate Mr. Thompson’s candidacy.

2) Disclose whether any Board member, including Maynard Webb, who has long-standing ties to Mr. Thompson, and Ms. Hart, who headed the Search Committee, was aware of Mr. Thompson’s deception prior to receipt of Third Point’s letter yesterday.

3) Provide shareholders with all information regarding the director nomination process, including the so-called “skills matrix” referred to in the Company’s preliminary proxy statement, which the Board purportedly used to determine the qualifications of various candidates, including Third Point’s nominees.

Third Point wants Yahoo to publicly reveal the process by which Thompson was vetted and disclose all minutes of any board meeting where his candidacy was discussed.

(Image Source: Yahoo logo, Featured Image)

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