Yahoo Board Delays The Shareholders Meeting
Yahoo's board and Carl Icahn are fighting for the company's leadership. However, the former chose to delay the confrontation for the time being and put the shareholders meeting on hold.
May 26, 2008
The reason behind the move might be that one member of the Yahoo board has decided to give up on its office and another candidate has yet to be decided. Ed Kozel has been a member of the board since 2000 and has officially stated that he prefers to retire in order to spend more time with his family. Previously, Kozel was as Chief Technology Officer of Cisco
In the proxy statement, Yahoo advises its shareholders to overlook the candidates backed by investor Carl Icahn. The statement doesn't feature any names, but only stresses out that the investor will nominate 10 persons in a bid to take over the board:
"The Icahn Entities have provided notice that they intend to nominate their own slate of ten (10) nominees for election as directors at the annual meeting and solicit proxies for use at the annual meeting to vote in favor of their own slate in opposition to all of the nominees named in Proposal No. 1. You may receive proxy solicitation materials from the Icahn Entities, including an opposition proxy statement and proxy card. Our board of directors urges you not to sign or return any proxy card sent to you by the Icahn entities...We urge you to disregard any proxy card sent to you by the Icahn Entities or any person other than Yahoo."
So the Yahoo board will fight another day. Any bets on the date?