Third Point demand Yahoo CEO be fired by Monday
May 5 , 2012
Activist hedge fund investor Third Point have demanded Yahoo fire its chief executive, Scott Thompson, by Monday for padding his resume.
Third Point CEO Daniel Loeb has been fighting to place his company’s nominees on the Internet company’s board. He has also called for board member Patti Hart, accused of claiming false qualifications, to resign.
Yahoo brought in Thompson, the former president of PayPal, after its revenue slid by more than a fifth last year.
Third Point owns a 5.8 percent stake in Yahoo and is one of its largest institutional shareholders.