Yahoo Board Director Weighs in on Proxy Showdown
With Yahoo’s stock not going over $20 since mid-2008, CEO Scott Thompson is facing a massive proxy showdown with hedge fund honcho Dan Loeb, who owns a 5.8% stake (over $1 billion ) in Yahoo through his company, Third Point.
Earlier his week, Loeb fired off a letter to Thompson regarding negotiations over Yahoo board members, expressing disappointment about a lack of compromise regarding nominees, and claimed the Board “made a mockery of good principals” of governance.
In a CNBC exclusive, Yahoo Board member Brad Smith, CEO of Intuit, laid out his vision for Yahoo:
“I would like to see a company that is an iconic brand. that still has hundreds of millions of very active users around the globe. Continue to succeed and prosper and move intot he next chapter of its great history. I am excited about the changes Scott Thompson, our CEO is driving, I love the changes we continue to make at the board level. And I am bullish on the future.”