Yahoo! board gets the nod from shareholders

Stephen Withers
Monday, 04 August 2008 09:34

IT Industry - Listed Tech

All nine of the Yahoo! directors standing for re-election at the company's annual meeting last Friday were approved by shareholders - even Robert Kotick, who had already announced that his resignation would take effect immediately after the meeting.

Investor Carl Icahn previously announced his intention to field a slate of candidates to replace the existing board with directors that would be more favourable to a full or partial sale of the company's search business to Microsoft. But a deal was struck giving board seats to Icahn and at least one but possibly two of his associates.

It turned out that Kotick received the second biggest 'yes' vote at 92.4 percent, just behind HP executive vice president Vyomesh Joshi's 92.9 percent.

Strange? Perhaps. It could be seen as a vote of thanks, either for a job well done since joining the board in 2003, or for stepping down and allowing Carl Icahn's appointment as a board member.

Mary Agnes Wilderotter (also a director of Xerox) and Eric Hippeau (president of Softbank International, and formerly the publisher of PC Magazine and of InfoWorld) also received the backing of more than 90 percent of the shares voted in their ballots.

Only two of the board received less than 80 percent support. They were chairman Roy Bostock (79.5 percent) and Arthur Kern (77.9 percent).

What interpretation can be put on that? Please read on.