Dan Loeb of Third Point LLC, Demanded on Friday that Yahoo! Inc. (NASDAQ:YHOO) CEO, Scott Thompson be fired for falsifying his academic background. Loeb gave Thompson a deadline of 12PM today. There was uncertainty whether Loeb would be going by Third Point’s time (EST) or Yahoo’s (PST). It seems that Loeb was referring to EST. Loeb just released a letter demanding more records on Thompson after the deadline passed.
Loeb lays out five specific reasons for further records from Yahoo.
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1. To investigate wrongdoing or possible mismanagement by Yahoo!’s management and/or any member(s) or committee(s) of its Board of
Directors (the “Board”) in connection with the hiring of Scott Thompson as the Chief Executive Officer of the Company and his appointment to the Board;
2. To investigate wrongdoing or possible mismanagement by Yahoo!’s management and/or any member(s) or committee(s) of its Board in connection with the appointment of Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr. and Fred Amoroso to the Yahoo! board rather than the nominees proposed by Third Point;
3. To investigate wrongdoing or possible mismanagement by Yahoo!’s management and/or any member(s) or committee(s) of its Board in connection with the statements by Yahoo! on the afternoon of May 3 that the false filings about Mr. Thompson’s educational background were “inadvertent.”
4. To determine whether Scott Thompson, Patti Hart, Peter Liguori, John Hayes, Maynard Webb, Jr., Fred Amoroso, and Thomas McInerney are suitable to serve as directors of Yahoo!;
5. To facilitate communications with other stockholders concerning the matters identified in paragraphs 1 through 4 above, in connection with a proxy contest to replace the current board of directors with nominees proposed by Third Point.
The full letter is embedded below in scribd:
Third Point May 7 Demand Letter Release