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M & A wrap: Facebook’s revenue hits $1.6 billion in H1 Related Topics Technology » Hot Stocks » Asian Markets » Media » Related Video Peter Lauria lays out Yahoo's future post-Bartz 1:38pm EDT The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. Credit: Reuters/Mario Anzuoni NEW YORK | Thu Sep 8, 2011 4:41pm EDT NEW YORK (Reuters) - Hedge fund Third Point LLC has scooped up shares of Yahoo Inc and is demanding that the company overhaul its board, saying the directors have made "serious misjudgments" and "destroyed value" for stockholders. A "reconstituted board with new directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary," said Third Point, which has about $8 billion under management and now owns about 5 percent of Yahoo shares. In a letter to the Yahoo board, Third Point Chief Executive Daniel Loeb called for the "prompt" resignation of Chairman Roy Bostock and directors Arthur Kern, Vyomesh Joshi, and Susan James. Third Point said it has held discussions with a number of potential replacements for current directors. Bostock fired Yahoo CEO Carol Bartz over the phone two days ago, less than three months after he expressed support for her during a shareholder meeting. Third Point welcomed Bartz's departure but said the board ultimately was responsible for the company's performance. "From the failed Microsoft sale negotiations, to a subsequent bungled and disappointing search deal with Microsoft, through a series of misguided CEO selections, and most recently the Alipay debacle, this board's failures have destroyed value for all Yahoo stakeholders," the letter said. Representatives for Yahoo were not immediately available for comment. "Shareholders, understandably, have been very disappointed in the way the company has been run and the stock has performed over last couple of years. It was only a matter of time before something like this happened," said Scott Kessler, analyst at Standard & Poor's. Kessler pointed out that only one Internet company, Akamai, is represented on Yahoo's board. "If you look at the board, it seems to me like you have more people with experience at airlines than you do at Internet companies." Two decades ago, Yahoo was one of the world's hottest Internet companies -- in January 2000, at the height of the dot-com bubble, its shares traded at more than $125. It has since been mired in problems as it tries to hang on to its share of online advertising revenue, which is being siphoned away by larger and more nimble rivals Google and Facebook. In 2008, Yahoo turned down an offer from Microsoft to buy the company for $31 a share. Shares of Yahoo traded at $14.06 on the Nasdaq on Wednesday, up 3.45 percent. Third Point said its own analysis values Yahoo at more than $20 a share. The hedge fund said that in four years Yahoo executives have not been able to set the company on the right course and that Bartz only aggravated Yahoo's problems, especially when it came to its Asian assets. "Ms. Bartz's poor decision-making and communication skills publicly alienated the company's highly respected Asian partners, as well as its shareholders, sell-side analysts, bloggers, customers and employees," the Third Point letter said. Yahoo is currently worth about $16 billion, with much of that ascribed to its roughly 40 percent stake in China's Alibaba, the parent company of websites including Alibaba.com and Taobao. Yahoo, along with Japanese mobile company Softbank. own Yahoo Japan. Relations between Yahoo's Bartz and Alibaba founder Jack Ma have frayed recently. In May, Yahoo revealed that Alibaba had abruptly handed Alipay -- one of Alibaba's crown jewels -- to a company controlled by Ma. Yahoo claimed it was blindsided by the move. (Reporting by Paul Thomasch and Jennifer Saba; Editing by John Wallace) Technology Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) jijr11 wrote: I agree, there is indeed a common denominator here, the founder and the Chairman. Why would the investors give them another shot. It’s like they’re throwing ideas at the wall hoping something will stick. You know. if they went away tomorrow, in a few weeks we’d forget all about them, all 600 million users would find some place to hang out. Sep 08, 2011 1:59pm EDT -- Report as abuse frjim wrote: Yet another reaction to the new e-mail format, no doubt. Sep 08, 2011 2:31pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) 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