23 May 2008
Yahoo has postponed its annual meeting, following billionaire investor Carl Icahn's attempts to overthrow the company's board of directors.
Originally planned for the July 3, the search firm now expects to convene at some time closer to the end of that month. Yahoo has blamed the delay on the need to file paperwork to the US Securities and Exchange Commission, as new potential candidates for the board have stepped into the ring.
Earlier this month Icahn put forward a list of ten nominees which included Frank Biondi Jr, former president of Viacom. Two other shareholders now plan to nominate themselves, while a third has created his own alternative list of replacement directors.
Yesterday Yahoo revealed that director Edward Kozel has resigned and will not be replaced. The search firm's board will henceforth consist of nine directors.
Yahoo's share value rose 20 cents to $27.53 (£13.9) by the close of trading on Thursday.
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