Amid Takeover Talk, Board Member Exits Yahoo!
May 23, 2008 at 5:24 AM (PT)
YAHOO! yesterday pushed back its annual meeting and announced that board member EDWARD KOZEL had stepped down amid pressure from billionaire activist CARL ICAHN, who wants the Internet icon to merge with MICROSOFT, reports THE NEW YORK POST. YAHOO!, a major streaming radio player, said YESTERDAY that it was rescheduling its annual meeting until the end of JULY from JULY 3rd in order to give the company time for regulators to approve its preliminary proxy materials and distribute them to shareholders.
The company also said KOZEL, who is the chief of Internet software company SKYRIDER, informed the board he planned to leave in FEBRUARY but decided to stay on after MICROSOFT made its takeover bid.
"ED has been a terrific director," said YAHOO! Chairman ROY BOSTOCK. "On behalf of the entire board I want to thank him for the energy, intellect and time he has devoted to YAHOO! -- his contributions have been outstanding."
ICAHN, the billionaire rebel investor who rarely uses e-mail, is seeking to oust YAHOO!'s board unless the Internet icon can complete a deal with MICROSOFT.