SNUBBED: When Yahoo appointed three directors to its board on Sunday, it passed over a major Yahoo shareholder whose investment fund had been seeking four seats.
THE RESPONSE: Hedge fund manager Daniel Loeb described the snub as a glaring example of shoddy corporate governance in a letter Wednesday. He calls the decision "illogical."
YAHOO'S RESPONSE: Yahoo reiterated that it had been willing to add one of Loeb's preferred candidates, turnaround specialist Harry Wilson, to its board, as well as one other director acceptable to both the company and Loeb's fund. He rebuffed that suggestion and reiterated that he wants four seats.