Reuters: Market News: UPDATE 1-Yahoo names three new independent directors to board

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UPDATE 1-Yahoo names three new independent directors to board Mar 25th 2012, 21:52 Tweet Share this Email Print Related Topics Stocks » Markets » Cyclical Consumer Goods » Financials » Industrials » Technology » Sun Mar 25, 2012 5:52pm EDT * Board names independent directors effective April 5 * Rejects nominees of activist hedge fund Third Point NEW YORK, March 25 (Reuters) - Yahoo Inc said on Sunday it has appointed three new independent directors. John D. Hayes, chief marketing officer of American Express Company, Peter Liguori, former chief operating officer of Discovery Communications and Thomas J. McInerney, the outgoing chief financial officer of IAC/InterActiveCorp will commence their tenure as directors effective April 5. Yahoo said in a statement that its board had offered to propose Harry Wilson, one of Third Point's four nominees, and a second person mutually acceptable to Yahoo and the activist investor, outside of its three other nominees, to join the board in order to avoid a proxy fight. Third Point founder and Chief Executive Officer Daniel Loeb rejected this proposal and declined to end its solicitation with respect to its own four candidates unless he personally was appointed to the board, according to the Yahoo statement. The board has determined that while it remains open to hearing Third Point's ideas, appointing Loeb to the board is not in the best interest of the company and its shareholders. Third Point, whose 5.8 percent stake in Yahoo ranks it among the company's largest institutional shareholders, has sharply criticized Yahoo's strategy and launched a campaign to install four directors at Yahoo's board. Representatives of Third Point did not have immediate comment. Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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