Drum roll please!!! Yahoo! Inc. [YHOO] has named Frank Biondi and John Chapple as watchdogs, er board members, rounding out its 11-member board of directors. Hooray!
Sure, someone spilled the beans earlier this week, but that takes nothing away from this great honor. Both men were part of activist investor Carl Icahn's slate of candidates nominated for the board seats before Icahn and Yahoo! settled their proxy fight last month, giving Icahn three seats (the man himself already was named) on the board. It seems doubtful that the latest additions will be able to get Microsoft Corp. [MSFT] back to the bargaining table, but their presence should lead to a more shareholder-friendly board and perhaps aid in a turnaround of the company.
It's unclear just how Yahoo! plans to turn around its fortunes, but Silicon Alley Insider's Henry Blodget believes he has the answers, beginning with a purge of senior managers. But if the company doesn't begin to show some progress in the next six to nine months, that purge could extend to CEO Jerry Yang and Board Chairman Roy Bostock, both of whom are in shareholder crosshairs for their roles in Microsoft's acquisition pursuit. -- David Shabelman
See Aug. 14 press release from Yahoo!
See Aug. 13 post from Tech Confidential
See Aug. 13 post from Silicon Alley Insider
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