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Yahoo ready to sink into obscurity

by on04 August 2008

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Board re-elected


Any hope that the online search outfit, Yahoo!, might wake up and smell the coffee were dashed when its Board emerged largely unscathed from the Internet company's annual meeting.

What should have been a lynch mob, which demanded the head of Chief Executive Jerry Yang for turning down shedloads of Microsoft cash for the company, turned out to be similar to a tea party run by the Country Women's Institute Jam and Scone division.

Chairman Roy Bostock and Arthur Kern were opposed on ballots representing at least 20 percent of Yahoo shares, as well as Yang, but were voted in with 85 percent of the votes cast. Much of the blood which could have been spilt was avoided after Yahoo reached a truce with activist investor Carl Icahn, who had been campaigning to oust the company's entire Board for spurning the Microsoft bid.

Icahn, who owns a five percent stake in Yahoo, will join the company's Board next week and can't criticize his fellow directors as part of his peace pact.

More here.
Last modified on 04 August 2008
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