SUNNYVALE (CBS/AP) – A major Yahoo shareholder is demanding that the slumping Internet company oust co-founder Jerry Yang from its board to clear the way for directors more likely to protect shareholders’ interests.
In a Friday letter to Yahoo’s board, hedge fund manager Daniel Loeb asserts Yang’s conflicts of interest should force him to step down after serving on the company’s board for 16 years.
Loeb based his conclusion on published reports that Yang has been talking to several buyout firms about joining forces to buy a controlling stake in Yahoo Inc.
The company didn’t immediately respond to a request for comment.
Yahoo’s board has been mulling a possible sale.
Loeb owns a 5.2 percent stake in Yahoo through a fund, Third Point LLC, that specializes in investing in troubled companies.
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