Loeb Target Yang Quits Yahoo! Board

Jan 18 2012 | 11:55am ET

In all his years of poison-pen activism, Dan Loeb has likely never had a day like yesterday.

The Third Point chief claimed his biggest-ever scalp with the resignation of Yahoo! Inc. founder Jerry Yang from the pioneering Internet company's board of directors. Loeb has publicly hounded Yahoo!'s management and directors, taking particular aim at Yang, who he accused of boasting a "history of strategic bungling."

Most recently, Loeb attacked the "sweetheart PIPE deal which will serve only to entrench Yang and the current board while massively disenfranchising public shareholders and permanently robbing us of the opportunity to obtain a control premium."

Loeb has said that Yahoo! should explore a sale.

In a statement, Yang, who founded Yahoo! almost 17 years ago, said that "the time has come for me to pursue other interests outside of Yahoo!"

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