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All eyes on Yahoo’s newest board members

Saturday, August 16th, 2008

Fortune - August 14, 2008, 7:52 pm

By Yi-Wyn Yen

blogs.reuters.com photo, Carl Icahn on yahoo's board image Former Viacom CEO Frank Biondi and former Nextel CEO John Chappel will join Carl Icahn as the newest additions to Yahoo’s board.

All eyes are on Icahn and his gang. The three amigos will need to start making changes to placate shareholders soon because if they don’t, it’s likely that nobody on the board will. The three were part of Icahn’s original proxy slate that ran under a campaign to sell Yahoo (YHOO) to Microsoft (MSFT). Icahn dropped the fight in July in exchange for three seats on the company’s board.

Shareholders are still waiting for Yahoo to come up with a plan that will drive up the stock. Since mid-June, when Yahoo announced that talks with Microsoft were over, the stock has dropped roughly 20% in value and has hovered in the low $20s. Microsoft had originally offered to buy Yahoo at $31-a-share. Earlier this month investors re-elected Yahoo’s eight incumbents. But investors signaled their unhappiness with CEO Jerry Yang and chairman Roy Bostock. Yang received 66.3% of the votes while Bostock received the least, with 60.4% votes.

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Posted in Microsoft, Yahoo, Yahoo vs Microsoft | No Comments »

Carl Icahn Refuses To Attend Yahoo Shareholder Meeting

Saturday, August 2nd, 2008

Sillicon Alley Insider - Michael Learmonth | July 31, 2008 4:05 PM

blogs.reuters.com photo, jerry yahoo shareholder image He’s about to become a Yahoo (YHOO) board member. He owns 5% of the company. Yet Carl Icahn, who led a proxy fight to replace Yahoo board and management, won’t be attending the annual shareholder meeting tomorrow. Why? In a blog post, he says “it will not do shareholders or Yahoo any good to have the annual meeting turn into a media event for no purpose.”

Please. Since when has Carl shied away from media events?

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Posted in Internet Business, Microsoft, Yahoo, Yahoo vs Microsoft | No Comments »

Yahoo prediction: Jerry’s a goner

Friday, July 25th, 2008

FORTUNE - July 21, 2008, 12:50 pm

Adam Lashinsky’s

sfcitizen.com photo, Jerry Yang image Carl Icahn and Yahoo’s (YHOO) board of directors each blinked, but it increasingly looks like Yahoo CEO Jerry Yang will end up on the losing end of this debacle.

Just to read the details, this is an amicable end to a nasty spat. Yahoo agrees to put Icahn and two of his nominees on its board. Icahn, in turn, agrees to drop his proxy fight to replace Yang as CEO. Interestingly — and wisely — Bobby Kotick, CEO of Activision Blizzard (ATVID), has decided to get the heck out of Dodge and leaves the Yahoo board.

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Yahoo, Icahn Settle: Carl Gets 3 Seats, Agrees To Shut Up

Monday, July 21st, 2008

Sillicon Alley Insider - Peter Kafka | July 21, 2008 7:50 AM

cbc.ca photo, carl icahn image Here’s the official end of the Yahoo-Icahn proxy war: Yahoo will give the corporate raider 3 seats on its board (one for himself, plus two more), and Carl agrees stop fighting. The basics:

Yahoo will keep 8 of its 9 existing directors; Activision/Blizzard CEO Bobby Kotick will leave.
The board gets expanded to 11 seats. Carl gets one, and the board picks two more from a pool that includes his proposed slate, plus former AOL CEO Jon Miller. Which means: Carl, Miller and someone else join the Yahoo board, but won’t be able to do anything beyond complaining at meetings.
Yahoo and Carl explain how all the insults they lobbed back and forth at each other for the past few months, and in particular the past few weeks, were all nothing, really, and everything’s going to be great now.

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Yahoo settles with Icahn to avert control battle

Monday, July 21st, 2008

Businessweek.com - The Associated Press July 21, 2008, 7:58AM ET

SUNNYVALE, Calif.

Yahoo Inc. said Monday it reached a settlement with activist investor Carl Icahn that will put him and two of his nominees on an expanded board of directors.

The agreement will avert a battle over control of the company that was expected at an Aug. 1 shareholders vote.

Under the agreement, eight members of the current board will seek re-election. Icahn will be appointed to the board, and two other seats will be filled based on a list of nine candidates recommended by Icahn.

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Yahoo Management: We’re So Scared We’re Going To Get Fired That We’re Using Our Best Ad Inventory To Fight Carl Icahn

Sunday, July 20th, 2008

Sillicon Alley Insider - Henry Blodget | July 18, 2008 1:52 PM

images.publicradio.org photo, yahoo image Jerry was thrilled to tell 10,000+ global Yahoos that the company’s propaganda campaign is working: Carl Icahn and Microsoft have been painted as a desperate, ludicrous odd couple, and the proxy challenge has all but been defeated.

Or has it?

In his video address this morning, Jerry also noted that the propaganda blitz is going to continue, but now it’s going to happen on the world’s second largest global advertising platform:

I’m excited to tell you that we’re launching an advertising campaign online on our homepage as a way to continue to make our case to stockholders. With one of the largest audiences on the Internet, we’re taking full advantage of the power of our network to remind our stockholders why voting for Carl Icahn’s board of directors is a bad choice.

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