Investing
Yahoo! Adds Three Independent Directors (YHOO, AXP, DISCA, IACI, MSFT)
Published:
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.
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.