Yahoo

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    News

    Yahoo! Employees Wanted Answers. Marisa Mayer Read Them A Children’s Story. (She Actually Did This.)

    About a year-and-a-half after taking over the ‘Hoo, noted chaise longue enthusiast Marisa Mayer agreed […]

    / Jan 5, 2015 at 2:23 PM
  • Hedge Funds

    Hedge Fund Manager Not Impressed By Marissa Mayer’s Victory Speech

    The embattled Yahoo! chief, in the wake of the first good news she’s gotten in […]

    / Oct 24, 2014 at 2:00 PM
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    News

    Marissa Mayer Is Sorry About The Ill-Timed Zzzz’s

    She might’ve dozed off and missed a meeting with top execs, but it wasn’t, like, […]

    / Jun 25, 2014 at 8:45 AM
  • News

    Marissa Mayer Wasn’t Crazy Enough To Give Former COO A $64 Million Severance Package For 15 Months of Work

    It was only $58 million, and even that was because she’s such a good, shareholder-value-creating […]

    / Apr 17, 2014 at 3:08 PM
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    News

    Marissa Mayer Is An Enigma, Wrapped In A Michael Kors Dress, Posing Upside Down On A Chaise Lounge

    But a glittering surface often deflects attention from a messier reality, and that’s true with […]

    / Dec 5, 2013 at 2:17 PM
  • marissamayervogue

    News

    Marissa Mayer Is (Allegedly!) Forcing Yahoo Employees To Tell Her How Much Their Colleagues Suck

    According to a multitude of top-ranking posts on an anonymous internal message board used by […]

    / Nov 12, 2013 at 3:16 PM
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    News

    If She Could Do It All Over Again, Marissa Mayer Would Not Have Posed Lying Upside Down On A Lawn Chair Holding An iPad With Her Face On It

    “Will we see Larry Page on the cover of Vogue?” [Charlie] Rose asked. “It wasn’t […]

    / Sep 25, 2013 at 4:55 PM
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    News

    Marissa Mayer Survived Turning 37, Found Out It Wasn’t So Bad

    “I really like even numbers, and I like heavily divisible numbers. Twelve is my lucky […]

    / Aug 16, 2013 at 1:50 PM
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    News

    Sell-Side Analyst Who Passed Inside Information To SAC Employee, Who In Turn Traded On It On The Firm’s Behalf (Without Steve Cohen’s Knowledge Or Approbation*) Is Arrested

    Richard Lee, of the SAC Capital Lees, had a “senior internet research analyst” friend named […]

    / Jul 30, 2013 at 1:14 PM
  • News

    Yahoo Shareholder Accurately Describes Himself

    At Yahoo’s shareholder meeting today, a scuzzy shareholder [named George Polis] said to Marissa Mayer, […]

    / Jun 25, 2013 at 6:11 PM
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    M&A, News

    Yahoo! Radically Changes Acquisition Strategy To “Don’t Screw It Up”

    If you’ve seen the internet today you know that everyone wants to talk about their […]

    / May 20, 2013 at 2:30 PM
  • Vikram Pandit is somewhat puzzled at what he's doing in this post.

    News

    Good Corporate Governance Apparently Does Some Good

    We talked a while back about how “corporate governance” is a thing that exists more […]

    / Oct 24, 2012 at 7:33 PM
  • News

    Area CEO Soliciting All Employees To Help Name Her Baby

    If you’ve got any ideas, don’t be shy.

    Yahoo! CEO Marissa Mayer has an urgent task for her staff — helping her name the newest Yahooligan. Mayer and her husband, Zachary Bogue, announced the arrival of their as-yet-unnamed baby boy in an internal e-mail yesterday and even solicited name suggestions. “He is now officially BBBB — Big Baby Boy Bogue!” Mayer wrote. “We are all very happy and excited. Name TBD — suggestions welcome!”

    [NYP]

    / Oct 2, 2012 at 5:50 PM
  • News

    Hire This Guy’s Wife And/Or Steal The Idea For Your Own Job Search

    As the results of a recent survey given to Harvard Business School’s Class of 1986 […]

    / Aug 31, 2012 at 3:11 PM
  • News

    Bristol-Meyers Squibb Employee Conducted Numerous Internet Searches Re: How To Not Get Caught Insider Trading Before Engaging In Insider Trading

    Which, it turns out, were not very helpful.

    Mr. Ramnarine, who served as assistant treasurer for capital markets at Bristol-Meyers Squibb from June, 2011, was charged in New Jersey federal court with three counts of securities fraud related to alleged insider trading in the stocks of three companies Bristol-Meyers was targeting for acquisition. According to the complaint, about a week before some of the alleged trading, Mr. Ramnarine opened up Yahoo on his office computer in Princeton, NJ and entered a flurry of searches, including “can option be traced to purchaser,” “can stock option be traced to purchase inside trading,” “insider trading options traceillegal [sic].” Mr. Ramnarine also looked at web sites and articles discussing insider trading laws and ways to avoid insider trading violations, and even downloaded press releases on insider trading from the office of the Securities and Exchange Commission, according to the complaint.

    Lessons In How Not To Insider Trade [Deal Journal]
    US v. Robert Ramnarine [Criminal Complaint]

    / Aug 2, 2012 at 6:19 PM
  • News

    Perk Number One Of Scott Thompson’s New Gig Is Working For A Private Company Not Subject To Whims Of Activist Hedge Fund Managers

    The year 2012 has been an eventful and unpleasant one for Scott Thompson. In January […]

    / Jul 23, 2012 at 12:48 PM
  • News

    Yahoo Names Marissa Mayer, Who We Hope For Her Sake Really Graduated From Stanford With A B.S. In Symbolic Systems, CEO

    Considering he’s now a Yahoo! board member, Dan Loeb presumably approves of the hire but […]

    / Jul 16, 2012 at 5:02 PM
  • News

    Analyst: In 5-8 Years, Dan Loeb Will Be Gathering Evidence Revealing Mark Zuckerberg Made False Claims About Dropping Out Of Harvard

    Facebook will lose dominance as a major web company in less than a decade, Eric […]

    / Jun 4, 2012 at 4:27 PM
  • Hedge Funds, News

    Yahoo! Résumégate Day 12: Peace In Our Time

    It seems that some combination of Dan Loeb persistence, cancer, and possibly incorrectly filled out […]

    / May 14, 2012 at 5:45 PM
  • News

    Yahoo! RésuméGate, Day 9: Scott Thompson Didn’t Even Offer Yahoo The Courtesy Of A Fake Résumé

    Last Thursday afternoon, hedge fund manager Daniel S. Loeb, who is waging a proxy battle against Yahoo, made a simple request: that the board of directors fire CEO Scott Thompson, who had lied about having a computer science degree from Stonehill College, when in fact the academic fraud only graduated with a degree in accounting. Loeb wanted the job done by Monday at 12 noon, EST and as the deadline passed, it was clear the request was would not be honored. As a result, Loeb was forced to demand every single document related to Thompson’s hiring at the company. Emails, heading hunting referrals, thoughts, feelings, the works. Most importantly, the résumé Thomspon submitted when applying for the gig. Did Loeb enjoy dragging this out? No. Did he take pleasure in watching the “carnage” unfold? Certainly not, and he’s shocked and offended anyone would ever think that. Nevertheless, a computer science degree had been fabricated out of thin air and Loeb felt he owed it to shareholders to get some answers. And while Yahoo! has presumably not yet faxed over the documents he asked for, they did offer this:

    Apparently the Yahoo chief says he’s being honest when he tells us no fake résumés were submitted to Yahoo because they never got any résumés, period.

    Yahoo‘s embattled chief executive, Scott Thompson, told the company’s senior management on Thursday that he never submitted a résumé or falsified his academic credentials, a person briefed on the matter said.

    [Dealbook]

    / May 11, 2012 at 3:49 PM
  • Hedge Funds

    Yahoo! RésuméGate, Day 7: Third Point Is Not Enjoying This At All

    In fact, Dan Loeb and Co. find this “embarrassing episode” painful to watch.

    Dear Board of Directors:

    Six days have passed since Yahoo! acknowledged the fabrications in Chief Executive Officer Scott Thompson and Director Patti Hart’s resumes. Since then, the following has occurred: (i) shareholders have been told that Mr. Thompson’s errors were “inadvertent”, (ii) Mr. Thompson made a classic “I’m sorry you feel that way” non-apology without actually accepting responsibility, (iii) Ms. Hart announced she will not seek re-election to the Board presumably due to her leadership of the botched CEO hiring process but intends to serve out her term, and (iv) the Board has formed a special committee to conduct a “thorough review” into Mr. Thompson’s academic credentials.

    It appears very clear to us – and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders – that Mr. Thompson’s fantasy degree was in no way an “inadvertent error”. The evidence shows he had been using false credentials for years. Mr. Thompson’s “apology” was clearly insufficient and it seems that the only thing he actually regrets is that he has been caught in a lie and publicly exposed. Without any explanation or accountability, Yahoo! has been left to flounder under a discredited leader for an undefined period. So, after six days, we must ask – what is this Board waiting for?

    It seems farcical to us that the Board will most likely spend more time deliberating over whether Mr. Thompson should be fired than it did properly vetting whether he should have been hired. The necessary investigation into whether certain senior executives and Board Members knew of Mr. Thompson’s deceptions before hiring him should not delay decisive action over his ethical breaches.

    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.

    Sincerely,
    Daniel S. Loeb
    Chief Executive Officer
    Third Point LLC

    / May 9, 2012 at 11:57 AM
  • News

    Yahoo! RésuméGate: Day 6

    Patti S. Hart, the Yahoo director who headed the board search committee that picked Scott Thompson as the company’s chief executive, will not stand for re-election, a person briefed on the matter told DealBook on Tuesday. Ms. Hart’s departure, which could be announced as soon as Tuesday afternoon, is the first significant response by Yahoo amid the growing controversy over Mr. Thompson’s academic record. The company is also expected to formally announce later on Tuesday the formation of a three-member board committee to investigate Mr. Thompson’s hiring and how erroneous academic information appeared in official company documents. [Dealbook, earlier]

    / May 8, 2012 at 12:50 PM
  • News

    What Quality Paper Was Scott Thompson’s Yahoo Résumé Printed On? Inquiring Minds Want To Know

    Do you know what time it is? Nearly 1PM, EDT. The significance? That it is […]

    / May 7, 2012 at 12:46 PM
  • News

    Memo To Yahoo: Dan Loeb Will Personally Shake Out ALL The Skeletons In Your Closet If He Has To

    As you may have heard, Third Point Management is currently waging a proxy battle against Yahoo, of which it owns 5.81 percent. Last September, the hedge fund and its founder, Dan Loeb, wrote a letter to the company’s board of directors entitled “The Failures of Yahoo’s Board of Directors Necessitate a Significant Infusion of Fresh Board Talent,” in November it demanded two board seats in order to rest the ship from a bunch of bumbling incompetents, and in February, it said actually, make that four seats. Unfortunately, Yahoo resisted. Which is why yesterday, Loeb and Third Point were forced to enter into the record some damning evidence showing current YHOO CEO Scott Thompson to be a dangerous, dangerous liar, the likes of which the search engine would be wise to sever ties.

    Specifically, Third Point revealed that contrary to statements made on SEC filings, Thompson? Did not graduate from Stonehill College with degrees in both computer science and accounting but only the latter. The reason Third Point knew this to be true was because it Googled Stonehill College and found that the school did not even start offering computer science degrees until 1983, well after the time Thompson graduated. So, a liar and a liar who can’t even be bothered to cover his tracks to boot. Oh, but the résumé chicanery did not stop there. Yahoo director Patti Hart, Third Point, went on to reveal, also had her own little C.V. “error” to speak of. Whereas Ms. Hart claimed to have graduated from Illinois State University with degrees in marketing and economics, in fact, merely earned a bachelors in business administration and specialized in marketing and econ.

    Yahoo, which yesterday confirmed the résumé duplicity, clearly needed no further substantiation that these two were academic frauds. Third Point and Loeb knew this much to be true. AND YET. As of 2PM today, a whopping twenty-four hours after their lies caught up to them, they remain employed by the company. So now this is happening because apparently some people need to be put on a deadline:

    Dear Board of Directors:

    Yahoo!’s initial response yesterday to Third Point’s identification of material inaccuracies in both CEO Scott Thompson’s and Director Patti Hart’s educational record was insulting to shareholders. We assume that these initial statements were attributable to Mr. Thompson and were not made with the Board’s approval. While we appreciate the Board’s statement late last night that it would conduct an investigation, unfortunately, for this Board and this Company, it is too little and months too late.

    To assert that years of inaccurate SEC filings, website biographies and, most likely, D&O questionnaires and curriculum vitae (including, presumably, the CV provided to Yahoo! when Mr. Thompson reached out for the job) were “inadvertent” is, in our view, the height of arrogance. Mr. Thompson and the Board should make no mistake: this is a big deal. CEO’s have been terminated for less at other companies. The Company’s Preliminary Proxy Statement filed on April 27, 2012 (at page 22) states that the “minimum qualification for service as a director of the Company are that a nominee possess…an impeccable reputation of integrity and competence in his or her personal and professional activities.”

    Furthermore, Yahoo!’s response “confirming” that Ms. Hart “specialized” in Marketing and Economics, rather than having earned her degree in such subjects (as Ms. Hart has asserted in filings for years) is a similar canard. A “specialty” is not a major. It is not a “minor”. We don’t know what it is, but we do know that like Mr. Thompson, Ms. Hart has been misrepresenting her actual degree to the investing public for years. Again, we hope that the Board does not accept this feeble attempt at “spin” as a justification for Ms. Hart’s misrepresentations.

    Irreparable damage to Yahoo!’s culture will continue every day that the Board allows Mr. Thompson and Ms. Hart to remain at the helm of the Company after having clearly demonstrated that they lack even the “minimum qualifications for service as a director of the Company.” Mr. Thompson, in particular, cannot possibly have any credibility remaining with the all-important Yahoo! engineers, many of which earned real – not invented – degrees in computer science. Moreover, permitting Mr. Thompson and Ms. Hart to stay with the Company after apparently violating the Code of Ethics sends a message to all Yahoo! employees that a different set of rules applies at the top.

    Third Point, Yahoo!’s largest outside shareholder with over $1 billion invested, called yesterday for an immediate investigation if our assertions were true. The Board appears to have acceded to this demand. Its response must be swift and decisive. In that regard, Third Point will consider it grounds for further action if the Board does not take the following steps by Noon EDT on Monday, May 7th:

    1) Publicly reveal the process by which it vetted Mr. Thompson as a potential CEO candidate. This disclosure should include the release of all minutes of any meeting at which Mr. Thompson’s candidacy was discussed and any reports or other materials upon which directors relied to evaluate Mr. Thompson’s candidacy.

    2) Disclose whether any Board member, including Maynard Webb, who has long-standing ties to Mr. Thompson, and Ms. Hart, who headed the Search Committee, was aware of Mr. Thompson’s deception prior to receipt of Third Point’s letter yesterday.

    3) Provide shareholders with all information regarding the director nomination process, including the so-called “skills matrix” referred to in the Company’s preliminary proxy statement, which the Board purportedly used to determine the qualifications of various candidates, including Third Point’s nominees.

    4) Terminate Mr. Thompson for cause immediately given his demonstrable unsuitability to remain Chief Executive Officer and a director of Yahoo! and accept the resignation of Ms. Hart for similar reasons.

    Finally, we urge the Board to stop wasting valuable company resources and drop its resistance to placing the Third Point nominees on the Board. We are prepared to join immediately. Once on the Board, our first tasks will be to work with the remaining Board members to find Yahoo! a new leader with the qualifications and integrity to lead the Company and install best practices of corporate governance. The Company can ill afford to continue this misguided fight with its largest outside shareholder while it has so many other fires to put out. There has been enough damage already.

    Sincerely,

    Daniel S. Loeb
    Chief Executive Officer
    Third Point LLC

    So, take the weekend to mull it over and while you’re at it, consider gathering documentation of other potentially false claims such as:

    1. His first-place finish in his 3rd grade spelling bee (do you really think a future Stonehill grad would know how to spell ‘abhinaya’?)

    2. That he bought Apple stock at $76/share (RIGHT)

    3. That he can bench 285 (sure)

    4. That he graduated high school (just don’t know)

    5. His circumcision (do you want to get to the bottom of this guy or not? If he lied about comp sci, who knows what else he’d lie about)

    Third Point Demands Yahoo C.E.O. Be Fired by Monday [Dealbook]
    Loeb Asks Yahoo To Fire CEO By Monday [MarketWatch]

    / May 4, 2012 at 3:00 PM
  • danloebthirdpoint

    Hedge Funds

    Third Point Starts Blog Exclusively Devoted To Yahoo Proxy Battle

    Have you lately been feeling like there’s something missing from your daily internet readings? You’ve got your food blog, your sports blog, your general business blog, your politics blog, your blog about men who look like old lesbians and so on and so forth but there remains a topic you’ve yet to find a site writing exclusively about? And that topic is the specific changes that Yahoo! needs to make lest it end up consigned to the scrap heap of corporate history, which it will unless it listens to every damn word a certain activist shareholder has to say?

    Today is your lucky day. Third Point has launched Value Yahoo, a blog for people who “support change and a better future for Yahoo” (a future in which Yahoo is “the destination for news, entertainment, and enjoyment for users and their friends”). No longer will you be forced to scrounge around the internet looking for articles about what Dan Loeb and Third Point are thinking and feeling re: Yahoo. Yesterday, you might have missed Loeb telling YHOO Chief Executive Officer Scott Thompson he’s a god damn fool for not appointing naming DL or any of his nominees to the board. Today, on VY, it’s all there. Filings. Posts. Videos about how much Yahoo sucks. Polls to gauge public opinion on whether it sucks a little or sucks a lot. So far no proxy fight tee-shirts to be had but perhaps if enough people like the site on Facebook they’ll think about it.

    / Apr 2, 2012 at 2:50 PM
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    News

    Dan Loeb Has A Valentine’s Day Surprise For Yahoo

    The promise of a proxy battle, unless they comply with every one of his demands […]

    / Feb 14, 2012 at 4:32 PM