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Yahoo appoints Carl Icahn to board

Struggling Internet company to expand its board to 11 members; two additional directors not yet named.

Yahoo Inc. said Wednesday it had appointed activist shareholder Carl Icahn to its board of directors, as agreed to under a settlement that ended the billionaire's proxy battle to oust the entire board and replace it with a rival slate of candidates.

In a filing with U.S. securities regulators, the struggling Internet company also said Robert Kotick had resigned as expected from the board after Yahoo's annual shareholder meeting Friday. Under terms of Yahoo's agreement with Icahn, the company will expand its board to 11 members and appoint two Icahn allies by Aug. 15. The two additional directors have not yet been named.

Yahoo has been under intense shareholder pressure ever since rejecting Microsoft Corp.'s $47.5 billion takeover bid in early May. The company must demonstrate to shareholders that it can deliver on its promises to expand its online advertising business and boost its sagging stock price.

Shares in Yahoo were up 28 cents, or 1.4%, at $20.10 in afternoon trading Wednesday.

Источник: Total Telecom

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