Yahoo board still standing

 

Yahoo has put an end to what the company hopes will be the final saga in its shareholder rebellion.

At the company's annual stockholders meeting, all of the members of Yahoo's board of directors were re-elected. The vote puts a formal end to the takeover attempt lead by investor Carl Icahn after the company failed to reach agreement with Microsoft on an acquisition deal.

The vote was largely anticlimactic, as Yahoo defused the situation last month when the company struck a deal that put Icahn and two of his associates on Yahoo's board of directors.

With the takeover attempt dead and the prospect of a deal with Microsoft all but gone, Yahoo is now turning its attention to continuing its rebuilding efforts.

"Last year, Yahoo's board of directors and management took steps to thoroughly reexamine the company's direction and to improve the company's performance," said Yahoo chairman Roy Bostock.

"Since then, Yahoo has made significant strides in executing on its strategy, performing particularly well in light of the challenging circumstances of the past six months."

The vote also marked a victory for chief executive Jerry Yang. The Yahoo co-founder had been brought back to revive the company last year, but his role in the Microsoft talks put Yang squarely in Icahn's crosshairs.

85 per cent of Yahoo's shareholders voted to re-elect Yang to his seat on the board.

"We are at a unique point in our history, where we have the eyes of the world focused on our company and tracking our performance," said yang.

"We are redoubling our commitment to driving sustained, profitable growth for our stockholders."

Copyright ©v3.co.uk


Yahoo board still standing
 
 
 
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