Third point is dissatisfied with Yahoo's appointment of three new independent directors

Absrtact: Yahoo's largest external shareholder,--third Point hedge fund, issued a statement in Sunday, dissatisfied with Yahoo's announcement of the appointment of three new independent directors. Third Point says the company has no choice but to launch a proxy scramble. Yahoo's statement in Monday

Yahoo's biggest external shareholder,--third Point hedge fund, issued a statement in Sunday, dissatisfied with Yahoo's announcement of the appointment of three new independent directors. Third Point says the company has no choice but to launch a proxy scramble.

In a Monday statement, Yahoo said it had appointed American Express Executive vice president and chief Marketing Officer John Hayes (John D. Hayes), Discovery Media former chief executive Peter Ligory (Peter Liguori) and internet company iac/ InterActiveCorp chief Financial Officer Thomas Mckinnany (Thomas J. McInerney) as an independent director of the company. This appointment will take effect on April 5.

Third Point hedge fund chief executive, activist investor Daniel Le Boux Daniel Loeb is hoping to get four seats on Yahoo's board, of which he himself will occupy a seat. In addition to Mr Loeb himself, his other candidates include: restructuring expert, Mavea Group chief executive Harry Wilson Harry Wilson, media advisor, Michael Michael J. Wolf, who served as the chief operating officer of Viacom's MTV NX. Former NBC Global CEO Jeff Zacher (Jeff Zucker).

The following is the full text of the third Point declaration:

Third Point, Yahoo's biggest external shareholder, was disappointed by the company's useless outgoing board chairman, Bostock Roy Bostock, and its board director's announcement today. Since we launched the proxy scramble for a better Yahoo, our goal has been clear: to repair the dysfunctional board by joining a new board of directors who are genuinely independent and able to align themselves honestly with shareholders, to boost Yahoo's value.

Third Point has proposed several major compromises to avert a proxy scramble. However, the Yahoo board move further suggests that they are unable to carry out these deals in the best interests of the company. For shareholders, who will again suffer more losses, the Yahoo board's refusal to accept the result of Third point's friendly offer will lead to a protracted and distracted proxy scramble that will afflict the company.

Yahoo's board of directors today's decision once again shows that one of the most important principles of corporate governance is "not welcoming shareholders." "With the absence of independent directors, Yahoo's board has brought five CEOs and strategic plans to shareholders over the past five years, which has seriously undermined the value of the company's core business, and the truth is that Yahoo's value in Asian assets has grown in recent years."

Given that Yahoo's board has left us no choice, we can only communicate directly with our shareholders. Third Point intends to continue to advance the battle for proxy power. Yahoo shareholders should be given the right to say and choose. We intend to offer them this opportunity at this year's annual shareholder meeting.