A group of 100 Yahoo investors are calling for the resignation of CEO Terry Semel in the annual shareholders meeting that began today at 1pm. Their pugnacious leader, Eric Jackson, appeared on CNBC's Closing Bell last night to emphasize Yahoo's cliff dive since Google's IPO, saying, "I've spoken to a bunch of the top ten holders of Yahoo's stock, a bunch of the largest pension funds across the US and everyone is saying, 'if I'd only put my eggs into Google's basket three years ago, my portfolio returns would have been so much greater,' something has got to change." Although Yahoo's stock has risen 240% over the past five years, since last June Yahoo's share price has dropped nearly 10% compared to Google's gain of 33%.
In February, Jackson posted a series of YouTube videos that detailed his new 9 point plan to save Yahoo. Jackson, who owns 45 common shares of Yahoo, nominated himself for a position on Yahoo's board in his "Finalized Plan B" video posted in February (watch below). Jackson claims in the video that he has over 900k common shares pledged to the Semel-ousting effort, which amounts to less than one tenth of one percent of all Yahoo shares (over 1.3 billion shares of total common stock).
[This post was written by Senior Activist Analyst / Part Time Feminist / New DB Editorial Intern Peter Ribic]
Activist Yahoo Investor Gunning for CEO Semel [CNBC]