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Investing

Yahoo! Adds Three Independent Directors (YHOO, AXP, DISCA, IACI, MSFT)

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By Paul Ausick Published
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Yahoo! Inc. (NASDAQ: YHOO) has added three independent directors to its board in an effort to stave off a proxy fight with activist investor Daniel Loeb. The Internet company added John D. Hayes, chief marketing officer of American Express Co. (NYSE: AXP); Peter Liguori, former chief operating officer of Discovery Communications Inc. (NASDAQ: DISCA), and Thomas J. McInerney, the outgoing chief financial officer of IAC/InterActiveCorp (NASDAQ: IACI).

Yahoo also proposed to Loeb the company add one of Loeb’s nominees, and that the two agree on a fifth director. Loeb rejected the compromises, according to Yahoo’s statement.

Yahoo’s market cap today is less than half what it was when the company rejected a $45 billion offer from Microsoft Corp. (NASDAQ: MSFT) in 2008.

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About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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