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SAN FRANCISCO (Reuters) - Yahoo Inc
SAN FRANCISCO (Reuters) - Yahoo Inc is replacing its CEO for the third time in as many years, and giving three board seats to a hedge fund led by Daniel Loeb, putting him in a strong position to influence strategy at the struggling Internet company.
SAN FRANCISCO: Yahoo Incs board convened on Monday afternoon to discuss the mounting upset surrounding chief executive Scott Thompson, who has apologised to employees after being accused last week by activist investor Daniel Loeb of padding his resume, a source with knowledge of the matter said.
SAN FRANCISCO: Yahoo Inc could be weeks away from selling 15% to 25% of Alibaba Group’s stock back to China’s largest ecommerce company, in a deal designed to eliminate complexities that had scuttled the parties’ previous negotiations, a source said.
SAN FRANCISCO: Daniel Loeb, chief executive of hedge fund Third Point, said he would continue to push to revamp Yahoo Inc’s board of directors following Yahoo’s decision to reject him as a board member.