Yahoo appoints new directors.
Yahoo Inc has appointed three new independent directors as it prepares for a proxy fight with activist hedge fund investor Daniel Loeb. John D. Hayes, chief marketing officer of American Express; Peter Liguori, former chief operating officer of Discovery Communications, and Thomas J. McInerney, the outgoing chief financial officer of IAC/InterActiveCorp will commence their tenure as directors effective April 5, Yahoo said in a statement.
The appointments come as Loeb's hedge fund Third Point, which has a 5.8 percent stake in Yahoo, has sharply criticized the Internet Company's strategy and launched a campaign to install four directors at its board.
Yahoo said its board had offered to propose Harry Wilson, one of Third Point's four nominees, and a second person mutually acceptable to both Yahoo and Third Point outside of its three other nominees to join the board in order to avoid a proxy fight.
"The board believed that there is value in avoiding the cost and distraction that inevitably accompanies a proxy fight, and determined that this proposal was in the best interest of all of its shareholders to avoid that expenditure of resources," Yahoo said in a statement.
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|Date:||May 15, 2012|
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