Yahoo board receives vote of confidence from shareholders
by Andrew Redfern @ 4th August 2008 3:35 pm
Yahoo’s board of directors received a clear vote of confidence from the company’s shareholders at the Yahoo AGM on Friday. Investors holding nearly 76 percent of Yahoo’s 1.38 billion shares returned votes positive verdicts of all nine current directors with Jerry Yang, the company’s chief executive, receiving an 85 percent vote in his favour.
This will clearly be seen as an endorsement of their rejection of Microsoft’s takeover offer and a move that distances the majority of the shareholders from those elements who expressed dismay that the Microsoft offer was not accepted. The main danger of an attack on the current baord was averted last week when the baord reached a deal with Carl Icahn that will see the board expanding to 11 members with Ican taking a place at the table.
Meanwhile Microsoft who were obviously watching events unfold issued a statement saying “Yahoo is attempting to rewrite history yet again with statements that are not supported by the facts” and it wasn’t all sweetness and light in the meeting with one shareholder saying of Roy Bostock “I think you’re overpaid in compensation, I think you overplayed your hand with Microsoft, and I think you’ve overstayed your welcome after last year’s vote”.
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