Business Insider has the latest Dan Loeb epistle to the Yahoo! board, a milder submission than his recent attacks on the integrity of CEO Scott Thompson, director Patti S. Hart and, you know, pretty much any and everyone associated with the board’s decision to hire Mr. Thompson. But still, not so mild!
The latest letter comes the day after Ms. Hart said she would not stand for reelection to Yahoo!’s board, and news emerged that the board had formed a three-director committee to look into the process by which Mr. Thompson was hired. On May 7, the chief executive issued a memo to employees, apologizing for the disruption that his inaccurate resume had caused: “I want you to know how deeply I regret how this issue has affected the company and all of you.”
That same day, Mr. Loeb fired off a 2,700-word missive demanding that the board provide him with all records, e-mails and documents pertaining to the executive search that landed Mr. Thompson. In today’s letter, the investor took what we guess passes for a softer tone, offering his own apology (of sorts):
“Third Point has over $1 billion invested in Yahoo! and we take no joy in witnessing this carnage. This Board’s unchecked value destruction must stop once and for all. Therefore, we once again call upon the Board to immediately (i) place Third Point’s entire slate on the Board replacing Mr. Thompson and Ms. Hart, (ii) appoint an interim CEO—we would suggest CFO Tim Morse or Head of Global Media Ross Levinsohn (assuming neither had any knowledge of Mr. Thompson’s fabrications) and (iii) allow Third Point nominee Michael Wolf to Chair the Search Committee for a new permanent CEO (Mr. Wolf will waive the $15,000 fee that Ms. Hart received for her work as Head of the Search Committee last year, which we expect she will promptly disgorge).
“This is the only way for Yahoo! to move past this embarrassing episode.”