Daniel S. Loeb, the Third Point LLC hedge fund manager whose fight for control of Yahoo paved the way for Marissa Mayer’s appointment as CEO, is on the verge of gaining control of another seat on the company’s board.
According to the New York Times, Yahoo plans to announce that former PayPal chief technology officer Max Levchin—a Loeb nominee—will join the company’s board, in a move that may signal Yahoo’s push to develop new offerings.
Mr. Loeb began his battle for control of Yahoo’s board last September, when he disclosed a billion-dollar stake in the Internet company and launched a poison pen campaign, mocking Yahoo’s “stupid logo” and “crappy interface.” The fight came to a head in May when Mr. Loeb discovered that former Yahoo CEO Scott Thompson had fudged his resume to include a computer science degree he’d never earned.
Mr. Thompson resigned, and the Yahoo board struck a deal with the hedge fund manager, giving Mr. Loeb control of three seats on the board. Soon after, the company hired Ms. Mayer to take the reins, a move widely seen to have breathed new life into the company.