Yahoo shareholders give Yang thumbs up

Published on Saturday 2 August 2008 15:37

YAHOO chief executive Jerry Yang has received a ringing endorsement from shareholders despite previous threats to oust him and his board over their handling of Microsoft's failed takeover bid.

At the internet giant's AGM in San Jose, California, 85% of shareholders voted in favour of Yang remaining in post while the rest of the board, including chairman Roy Bostock, also received solid votes of support.

The vote represents an approval of the tough stance Yahoo took over Microsoft's aborted $47.5bn takeover approach. Yang and his team had previously come under intense fire from some shareholders, notably billionaire activist investor Carl Icahn, for letting Microsoft walk away from the deal in May.

Icahn, who holds a 4.98% stake in the firm, had threatened a coup to replace Yahoo's board but was appeased through a private deal which saw him appointed as a non-executive director along with two other nominees of his choice. He stayed away from Friday's meeting, saying his presence would have turned it into a media event.