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Third Point's Loeb calls Yahoo board "clowns"
NEW YORK |
NEW YORK (Reuters) - Hedge fund manager Daniel Loeb took another swing at Yahoo on Wednesday, saying the company's stock price is worth more and that it is high time to overhaul with management and the board.
Loeb, who owns roughly 5 percent of Yahoo through his Third Point Point LLC fund, said the company has "the same crappy interface" and the "same stupid logo" it has had for years.
"You wonder what these guys have been doing with 14,000 employees," Loeb said at the Delivering Alpha conference sponsored by CNBC and Institutional Investor. "They need to go back to basics to get into sexy areas on the net," he added.
And the way to get there is to clean house, Loeb said.
Third Point's call for ousting members of Yahoo's board follows the firing of Chief Executive Carol Bartz last week.
Known for the blunt language he uses with management, Loeb declared that no wants to work "with these clowns on the board."
Earlier this week, Yahoo's board chairman Roy Bostock hung up the phone on Loeb. Loeb then wrote to Yahoo co-founder Jerry Yang trying to enlist him in overhauling the board and management.
"We were going to call for the ouster of the CEO but after she was fired we went down the list and said 'Who hired Carol'?" Loeb said, explaining his interest in removing Bostock.
(Reporting by Svea Herbst-Bayliss and Katya Wachtel; Editing by Tim Dobbyn)
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