Amidst all the recent drama Yahoo! has had (think Scott Thompson and his falsified Computer Science degree plus Patti Hart quitting the Yahoo! board of directors), some pretty extensive damage control is desperately needed to help rectify the company's damaged reputation - with Third Point urging Yahoo! to name an interim CEO.
"Third Point has over $1 billion invested in Yahoo, and we take no joy in witnessing this carnage," stated Loeb, who has over $9 billion in assets. "This board's unchecked value destruction must stop once and for all."
Yesterday Third Point founder, Daniel Loeb, wrote a letter to the board calling for current Yahoo! CEO Scott Thompson to step down from his role, suggesting that either the company's CFO Tim Morse or global head of media, Ross Levinsohn, step in as his replacement.
"It appears very clear to us -- and to many corporate governance experts, Yahoo employees, and fellow Yahoo shareholders -- that Mr. Thompson's fantasy degree was in no way an 'inadvertent error,'" wrote Loeb. "The evidence shows he had been using false credentials for years. Mr. Thompson's 'apology' was clearly insufficient and it seems that the only thing he actually regrets is that he has been caught in a lie and publicly exposed."
In addition to the bad news, Yahoo!'s shares fell six cents to $15.30. Let's hope Yahoo! does something soon to turn itself round, as both its reputation and its shares could see a rapid decline.
Image credit: Reuters
Source: The Wall Street Journal