The drama of whether Microsoft would take over Yahoo has been replaced by the drama of whether disgruntled shareholder/opportunist Carl Icahn can win a proxy fight to replace Yahoo’s board and install his own slate. Reuters reports today that a successful fight would include removal of current Yahoo CEO Jerry Yang.
This is not really a surprise or anything new; it was essentially implied in Icahn’s proxy move. However, an explicit statement by Icahn about his interest in Yang’s ouster may have been prompted by the unsealing of the shareholder complaint in the Delaware action. In that complaint, plaintiffs allege that Yang was “hostile” to Microsoft and not willing to negotiate with Redmond in good faith.