Yahoo Co-Founder Urged To Help Oust Chairman

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Yahoo co-founder Jerry Yang (Scott Olson/Getty Images)

Yahoo co-founder Jerry Yang (Scott Olson/Getty Images)

SUNNYVALE (CBS/AP) – A major Yahoo shareholder seeking to oust Chairman Roy Bostock is urging company co-founder Jerry Yang to join the crusade.

The shareholder, hedge fund manager Daniel Loeb, called for Yang’s help in letter sent Tuesday. Loeb controls a 5.2 percent stake in Yahoo Inc. through the Third Point LLC investment fund.

Loeb decided to try to reach out directly to Yang after Bostock hung up on him in a Monday phone conversation, according to a Tuesday regulatory filing. Bostock ended the call after Loeb described him part of the problem that has caused Yahoo’s revenue and stock price to slump for years, the filing said.

Yahoo’s struggles prompted Bostock to fire company CEO Carol Bartz last week.

A spokesman for Yahoo’s board declined to comment on Monday’s call with Loeb.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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