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Icahn Settles For Three Seats on Yahoo’s Board
July 21st, 2008 at 8:02 amSource:Mashable!
Yahoo! reached an agreement with Carl Icahn: eight members of Yahoo’s current board of directors will stand for re-election; the board will be expanded to 11 members, Icahn will take one, and the other two will be chosen based on his recommendation.
Yahoo! co-founder and CEO Jerry Yang said this of the agreement:
“This agreement will not only allow Yahoo! to put the distraction of the proxy contest behind us, it will allow the Company to continue pursuing its strategy of being the starting point for Internet users and a must buy for advertiser.”
Icahn’s statement is more revealing: “I am very pleased that this settlement will allow me to work in partnership with Yahoo!’s Board and management team to help the Company achieve its full potential. While I continue to believe that the sale of the whole Company or the sale of its Search business in the right transaction must be given full consideration, I share the view that Yahoo!’s valuable collection of assets positions it well to continue expanding its online leadership and enhancing returns to stockholders.”
Bascially, Icahn backed down in exchange for three seats on the board; and will not be pushing for the sale of Yahoo or its search business…for a while. Does it mean that the Microhoo soap opera is finally at an end? Far from it: this is just one little (costly) victory for Yahoo. If there is a clear “winner” in this story when the dust settles in the end, I bet it will be a Pyrrhic victory.
Read the official statement by Yahoo here.
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