SAN FRANCISCO (AP) — A major Yahoo shareholder unimpressed with a recent shake-up at the troubled company is trying to seize four seats on the board of directors.
New York hedge fund manager Daniel Loeb outlined his plans for the mutiny attempt in a Tuesday regulatory filing that revealed he bought an additional 12.9 million Yahoo shares last month. He now controls a 5.6 percent stake in Yahoo Inc.
Loeb hopes to use those holdings as leverage to gain a seat on Yahoo’s board. He also nominated three other candidates to replace some of Yahoo’s current board members. Loeb’s allies are former NBCUniversal CEO Jeff Zucker, media consultant Michael Wolf and turnaround specialist Harry Wilson.
The challenge comes a week after Yahoo announced Chairman Roy Bostock and three other directors are stepping down.