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Yahoo and Carl Icahn Agree to Settlement

Yahoo has announced that it has forged an agreement with Carl Icahn. Here's the details.

Yahoo's board will expand to 11 members, but only 8 of the current board will stay on. They are:

Roy Bostock Ronald Burkle Eric Hippeau Vyomesh Joshi Arthur Kern Mary Agnes Wilderotter Gary Wilson Jerry Yang

Robert Kotick is the remaining board member. He's decided to step down.

The expansion will occur AFTER the August 1 shareholders meeting. Carl Icahn will become a board member, and then 2 more will be added from a list of 9 that Icahn will supply. The list will be the 8 remaining members of Icahn's now-cancelled proxy board plus Jonathan Miller, partner in Velocity Interactive Group and former Chairman and CEO of AOL.

Icahn owns an aggregate of 68,786,320 shares, or 4.98% of Yahoo! common stock. He will vote his shares for the current board at the August 1 shareholders meeting.

Here's the corporate-speak:

"We are gratified to have reached this agreement, which [...]
URL : http://feeds.searchenginewatch.com/~r/sewblog/~3/341495982/080721-081432
Date : 2008-07-21 15:14:32
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Author : Search Engine Watch Blog

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