Yahoo names 3 to board; long fight expected
NEW YORK | Internet company Yahoo has appointed three members to its board of directors, gearing up for a proxy fight with one of its largest shareholders.
The announcement Sunday comes four days after Third Point LLC launched a campaign to win four seats on Yahoo’s board.
Yahoo’s nominees to the board are John Hayes, chief marketing officer of American Express, Peter Liguori, former chief operating officer of Discovery Communications Inc., and Thomas Mcinerney, the outgoing chief financial officer of Iac/interactivecorp.
Hedge fund Third Point, which owns a 5.8 percent stake in Yahoo, last week suggested four new directors for the board on the grounds that the struggling Internet company would do better if its representatives help new CEO Scott Thompson overhaul operations. Only one of the four men — turnaround specialist Harry Wilson — was acceptable to the Yahoo board.
Sunday’s announcement thus sets the stage for a proxy fight that could drag on for months.