Shareholders of Yahoo Retain Yang

Posted by Michael Boateng

August 1, 2008

Yahoo’s shareholders have re-elected the Internet company’s entire board despite hard feelings about the directors’ rejection of a takeover offer from Microsoft Corp.
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Each of the nine directors got at least 78 percent of the shareholder votes cast, Yahoo announced Friday after its annual meeting.

One of the incumbent directors, Robert Kotick, plans to resign next week to make room for activist investor Carl Icahn.

About 85 percent of the shareholders supported Yahoo CEO Jerry Yang and nearly 80 percent supported Yahoo Chairman Roy Bostock. Those two men steered the failed negotiations over the failed $47.5 billion takeover bid by Microsoft.

Yahoo shares fell 9 cents Friday to finish at $19.80, well below the $33 per share that Microsoft offered before withdrawing the bid in early May after Yang demanded more.

Via : AP

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