Yahoo co-founder Jerry Yang has been talking with bankers and investors about creating a controlling stake. But his actions have drawn criticism because Yang has a seat on Yahoo’s board. This is a conflict of interest, says Third Point LLC, one of Yahoo’s largest shareholders.
Yang must “declare whether he is a buyer or a seller—he cannot be both,” said the firm. Yang also holds the title of “Chief Yahoo,” a role the Journal notes is “ill-defined.”