For a guy who doesn’t enjoy “carnage,” hedge-fund manager
Dan Loeb is lobbing a lot of letter bombs, New York Post reports.
A day after Yahoo! director Patti Hart said she would not
seek re-election, Loeb fired off another scathing letter in his fight with the
board, demanding it dismiss CEO Scott Thompson and replace him with an interim
leader.
“It seems farcical to us that the board will most likely
spend more time deliberating over whether Mr. Thompson should be fired than it
did properly vetting whether he should have been hired,” Loeb’s Third Point
said in the latest letter yesterday. The
dissident shareholder continues to ratchet up the rhetoric in a resume ruckus
that has rocked Yahoo! since fabrications to Thompson’s education history were
uncovered last week.
Loeb, whose firm, Third Point, holds a $1 billion/ 5.8 percent stake in
Yahoo!, is using Thompson’s padded resume to strengthen his hand in a proxy war
for board seats. He’s calling for the immediate appointment of his nominees,
who could then help in the search for a permanent chief.
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