Icahn takes seat on Yahoo’s board

gallery

Billionaire investor Carl Icahn as been appointed to the board of internet giant Yahoo, with fellow board member Robert Kotick quitting as part of a shareholder peace deal.

In a filing with US securities regulators, the internet company said Kotick had resigned following the company's 1 August annual shareholder meeting and confirmed that Icahn had been named under a settlement deal that averted a proxy battle with a rival slate of board candidates led by Icahn.

Under the deal, the two additional board seats are to be chosen by mid-August from a list that includes Icahn's original slate of candidates and Jonathan Miller, former chief executive of Time Warner's AOL business. Subsequently, Time Warner stepped in to bar Miller from joining Yahoo, saying the conglomerate would enforce a non-compete pact with him.

Analysts expect Icahn and the new directors to pressure the board to consider a variety of strategic options for the company, including a potential transaction with Microsoft or disposal of its substantial Asian assets.

Yahoo confirmed the changes after it disclosed that a recount of Friday's vote for its board had revealed a strong protest vote against five of nine directors, including chief executive Jerry Yang and chairman Roy Bostock.

Email to a friend

Print this page