Major Yahoo shareholder calls for board overhaul

Shareholder activist Daniel Loeb has scooped up shares of Yahoo Inc and is demanding that the company overhaul its board, saying the directors have made "serious misjudgments" and "destroyed value" for stockholders. A "reconstituted board with new directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary," wrote Loeb the chief executive of hedge fund Third Point LLC, which owns about 5 per cent of Yahoo shares. In a letter to the Yahoo board, Loeb called for the prompt resignation of chairman Roy Bostock and directors Arthur Kern, Vyomesh Joshi and Susan James. Third Point said it has held discussions with a number of potential replacements for current directors.