Monday, July 21, 2008

Yahoo Settles With Icahn

Sunnyvale-based Yahoo! Inc. said today that it has reached an agreement with Carl Icahn to settle a pending proxy content. According to Yahoo, eight members of its board of directors will stand for re-election in its 2008 annual meeting, with expansion of its board to 11 with Carl Icahn being appointed to the firm's board. Two new board members will be recommended by Yahoo's board nominating and governance committee from a list of nine candidates presented by Icahn, including Jonathan Miller, former CEO and Chairman of AOl and current partner in Velocity Interactive Group. The settlement gives Icahn three of the eleven seats on the board of directors.