Yahoo Gives Carl Icahn Three Board Seats

by Heather

Yahoo (NASDAQ:YHOO) just announced they’ve appointed Carl Icahn to their Board of Directors. Yahoo has reserved two director positions for his nominees. Current director Robert Kotick will leave.

This decision was made to settle a proxy battle and to delay a hostile takeover from Microsoft Corporation. (NASDAQ:MSFT) Icahn is an activist investor that sought to oust all of Yahoo’s Board of Directors prior to his appointment.

Yahoo Chief Executive Officer, Jerry Yang said, “This agreement will not only allow Yahoo to put the distraction of the proxy contest behind us, it will allow the company to continue pursuing its strategy of being the starting point for Internet users and a must buy for advertisers.”

Yahoo holds their next shareholder meeting on August 1, 2008.