Dan Loeb Leaves Yahoo!’s Board
Yahoo! shareholder activist Dan Loeb has stepped down from the company’s board of directors. Loeb is known for leading the hiring of Yahoo! CEO Marissa Mayer. Loeb stepped down from Yahoo!’s board of directors after he sold most of his shares.
Loeb was hoping to see mass layoffs of the company and Mayer decided to trim a smaller number. Around the time that Mayer joined Yahoo! about a year ago, Loeb oversaw around 20-30% of Yahoo!’s 12,000 workers get laid off.
Loeb, the head of the Third Point hedge fund, helped steer the company for the past two years. He also oversaw the firing of Yahoo! CEO Scott Thompson because of a falsified resume.
Loeb bought Yahoo! shares at around $11 per share and pocketed almost $1 billion in profit as it went up to nearly $30 per share under Mayer’s leadership.
After Loeb announced that he was leaving Yahoo!, Mayer and him praised each other for their work. Loeb was able to work out a deal to sell two-thirds of Yahoo!’s stake (40 million shares) at $29.11 per share back to the company.
Third Point’s directors Harry Wilson, Michael J. Wolf and Loeb all stepped down on Wednesday. Yahoo! is working with recruitment company Spencer Stuart to find three new board members.