News & Current Affairs

August 5, 2008

Yahoo board wins investor vote

Yahoo shareholders have voted to re-elect the firm’s board after it defended its handling of negotiations with Microsoft over a possible deal.

Chief executive Jerry Yang won the backing of 85% of investors at Yahoo’s annual meeting in California.

Some investors had criticised the firm’s failure to agree a deal with Microsoft, which had offered to buy the internet firm for $47.5bn (£24.1bn).

During the meeting, one called on chairman Roy Bostock to resign.

Shareholder Eric Jackson of Ironfire Capital – one of 150 investors at the meeting – said Mr Bostock “should do the honourable thing and step down from the board”.

He accused the Yahoo boss of overplaying his hand with Microsoft.

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