Wednesday, 1 April 2015
Last updated 1 hour ago
May 14 2012 | 2:12pm ET
Third Point has continued its string of activist successes against Yahoo! Inc., as the company has parted ways with its embattled CEO and given the hedge fund representation on its board.
CEO Scott Thompson resigned yesterday, almost a week after Third Point had demanded his head. The hedge fund said that Thompson, who spent only four months at Yahoo!'s helm, had to go after it found inaccuracies in his résumé and biography—Thompson had claimed to hold a computer science degree when he did not.
Yahoo! also agreed to name Third Point chief Daniel Loeb and two other Third Point representatives, Michael Wolf and Harry Wilson, to its board of directors at its annual meeting this year. The company also named one of Third Point's preferred candidates, global media chief Ross Levinsohn, interim CEO.
"We are confident this board will benefit from shareholder representation, and we are committed to working with new leadership to unlock Yahoo!'s significant potential and value," Loeb, whose hedge fund owns more than 5% of Yahoo!, said.
Thompson's is the second scalp at Yahoo! won by Third Point this year; in January, founder Jerry Yang stepped down after months of criticism from the hedge fund. But his exit may not entirely be due to the hedge fund's work: According to The Wall Street Journal, Thompson, a former PayPal CEO, has been diagnosed with thyroid cancer.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…