With Yahoo Proxy Fight Done, Shareholder Protest Now Largely “Symbolic”
Reuters reports that Gordon Crawford of Capital Research and Management, one of Yahoo’s largest shareholders, has apparently said that he may not support the existing Yahoo board at Friday’s annual shareholder meeting. The only trouble is that Yahoo’s settlement with Carl Icahn removes the ability for Crawford and other disgruntled shareholders to vote for alternatives to Chairman Roy Bostock, CEO Jerry Yang, and their fellow board members, which will now include Icahn.
While the shareholder meeting promises to put Yang & Co. on the hot seat, it will all be largely “symbolic” at this point.
Kara Swisher at AllThingsD has a long post speculating on who the final Yahoo board members will turn out to be. There are two new directors being added in addition to Icahn.
Postscript: Reuters reports that current board member Robert Kotick will not stand for re-election and will resign after the Friday meeting. The reduced Icahn “slate” will consist of Icahn himself and two other board seats that are aligned with him.