Hedge fund Third Point, which has a 5.8% stake in Yahoo (YHOO), said it believes the company would fare better if its representatives were in the boardroom helping overhaul Yahoo.
Third Point’s letter, released in a regulatory filing Wednesday, comes a week after the hedge fund said it would launch a campaign to get its four nominees on the board if the Yahoo’s management didn’t accept them.
Third Point’s proposed directors are Daniel Loeb, the hedge fund’s manager; former NBC Universal CEO Jeff Zucker; former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson.
The company’s board is in the midst of changes. Of the 11 directors, four, including Chairman Roy Bostock, have said they will step down at Yahoo’s annual meeting. The departures are part of an attempt to placate shareholders frustrated with a long-running financial funk that has depressed the company’s stock price.
The company, based in Sunnyvale, Calif., also appointed two new directors to its board last month.
Third Point’s letter said the appointed directors are not in the best interests of Yahoo, and the board still lacked expertise in the media and entertainment industries, as well as in corporate restructurings.