Yahoo Inc shareholder Daniel Loeb appealed to the company's co-founder Jerry Yang to fire Chairman Roy Bostock and several other directors to revive the Internet media company after years of poor performance.
Loeb heads hedge fund Third Point LLC, which holds a 5 percent stake in the company.
After calling for Bostock's resignation last week, Loeb spoke on the phone with him and Yang urging for a desperately needed leadership change.
During the phone call Bostock did not acknowledge any responsibility for the company's problems and that he was not likely to step down from the board, Loeb said in a filing with the U.S. Securities and Exchange Commission. Bostock then hung up on Loeb, according to the filing.
Loeb then fired off a letter to Yang issued on Wednesday expressing support and offering a list of candidates who could help bring Yahoo back to its rightful place among the world's top digital media and technology companies.
As a Founder and major shareholder of the Company, the abysmal record of the current leadership must be heart-rending to you personally, as well as damaging to your net worth. We urge you to do the right thing for all Yahoo shareholders and push for desperately-needed leadership change, Loeb wrote to Yang.
Third Point has about $8 billion under management.