The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Richard Levick and Kathleen Wailes NEW YORK ( TheStreet) - Activist investor Daniel S. Loeb just claimed another corporate scalp. Tuesday's announcement that Yahoo Chairman Roy J. Bostock and the company's three longest-serving directors will not seek reelection represents Loeb's second major victory in as many months. In January, Yahoo CEO and co-founder Jerry Yang stepped down amid rampant speculation that Loeb was plotting a proxy fight aimed at forcing a management shakeup. Yang's ouster and the subsequent board overhaul were no small feats, even at an underperforming company such as Yahoo. Notch another win for the activists. More are sure to follow.
Follow TheStreet on Twitter and become a fan on Facebook. With activist mainstays flexing their muscles, and smaller shareholders beginning to find their sea legs, one can't help but conclude that a new era of activist empowerment is upon us. The convergence of social media and proxy access are providing the little guy with an amplified voice and strength in numbers. Significant wins like those at Yahoo and RIM are emboldening bigger players to target bigger game. The democratization of Wall Street is under way. As a result, management structures that fail to align their priorities with those of their investors will face tougher challenges than ever before in 2012 and beyond. Richard S. Levick, Esq., is the president and chief executive officer of Levick Strategic Communications, a crisis communications firm. He is the co-author of Stop the Presses: The Crisis & Litigation PR Desk Reference. He was named to the 2009 NACD/Directorship list of "The Most Influential People in the Boardroom." Reach him at firstname.lastname@example.org.Kathleen Wailes is a Senior Vice President at Levick Strategic Communications with specialization in financial communications. Reach her at email@example.com.