They’re at it again: those pesky hedgies Third Point LLC, the 5% investor in Yahoo! (YHOO) who have pushed in past for changes to the board of directors, are today urging co-founder and executive director Jerry Yang to step down from the board.
AllThingsD’s Kara Swisher writes this afternoon that Third Point director Daniel Loeb sent a letter to the board accusing Yang of “cronyism” and “self-dealing.” Loeb also expresses dismay at recent media reports that Yang has been mulling a leveraged recapitalization of the firm with the help of private equity. Yang is effectively in conflict, says Loeb, pursuing a sale of part or all of the company while also seeking to be a buyer.
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