Carol Bartz

Third Point Looks Forward To The Juiced Up Future Of Yahoo


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Bartz suggested that board chairman Roy Bostock lacked both balls and class for firing her over the phone rather than face to face. Dan Loeb, meanwhile, also has to question Bostock’s class after the chairman hung up on him rather than listen to hard truths like “you are unaware of what it takes to be an effective leader” and “I will pursue whatever efforts are necessary to remove you from the board.”
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Sure, it felt pretty good at the time , but probably not $10 million worth of good.

From her employment agreement:
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  • 08 Sep 2011 at 12:30 PM

Dan Loeb Would Like A Word With The Yahoo Board

Sayeth DL:

Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Mr. Roy Bostock, Chairman

Dear Ladies and Gentlemen:

Third Point LLC (“Third Point”) is a registered investment adviser with approximately $8 billion under management. We are writing to inform you that certain investment funds we manage have acquired a 5.1% interest in Yahoo! Inc. (the “Company” or “Yahoo”), bringing our holdings of common stock and currently-exercisable equity options to 65,000,000 of the outstanding shares, and positioning us as the Company’s third largest outside shareholder.

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On Tuesday afternoon, Yahoo Chief Executive Officer Carol Bartz was notified that her services at the company were no longer necessary. The message was delivered over the phone and the fact that she wasn’t given the respect of a face to face meeting wasn’t the only thing that ticked Bartz off. “I was in New York to speak at Citigroup’s technology conference the next day and was told to call chairman Roy Bostock called Bartz. I called him at 6:06,” she told Fortune. “When he got on the line, he started reading a lawyer’s prepared statement to dismiss me. I said, ‘Roy, I think that’s a script. Why don’t you have the balls to tell me yourself? I thought you were classier.'” While it’s unclear why Bostock lacked the pair or the grace to go extempore, Bartz is pretty sure she knows why she was canned.

“These people fucked me over.” She adds, “The board was so spooked by being cast as the worst board in the country. Now they’re trying to show that they’re not the doofuses that they are.”

Well consider your plot foiled, boys! If anyone thought Bartz was going to go quietly, or go period, they thought wrong. Girlfriend’s not going anywhere, this much she promises you. Read more »