Ya­hoo names 3 to board; long fight ex­pected

The Washington Times Daily - - Business -

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.

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