November 5, 2011 · 0 Comments
Yahoo is apparently sick and tired of all the leaks and rumors about its plans.
Is it splitting the company up? Selling all or part of it? Looking for a new CEO from within or recruiting one from outside?
Whatever it’s doing, it will tell us all in its own, sweet time. Never mind that all those leaks are coming from somewhere close to the company, or maybe even from inside it — just ignore them. Trust that the board is doing whatever it believes is best for all shareholders.
By the way, that’s ALL shareholders. Not just Jerry Yang.
In case for some reason you thought that Yang had more power or influence. Earlier today, shareholder Daniel Loeb, who owns about 5% of the company, called for Yang to step down because there’s no way he should be involved in Yahoo’s future after turning down Microsoft’s $40 billion-plus buyout a few years back.
Here’s the statement:
Yahoo’s Board of Directors’ objective is, and always has been, to serve the best interests of all the company’s shareholders. The Board’s comprehensive strategic review is being properly managed for the benefit of all shareholders and is guided by outside counsel for the independent directors and investment bankers retained separately by the Board. The Board of Directors (eight independents and Mr. Yang) controls the strategic review process and has directed its Transactions and Strategic Planning Committee (comprised of four independent directors) to manage the process day-to-day and report regularly to the Board.
News reports based on rumor and speculation are just that. The Board’s comprehensive strategic review process is still underway, with a wide range of options under active consideration. We can assure all Yahoo shareholders that whatever the outcome of the strategic review process may be, it will serve the best interests of all the company’s shareholders.
Mr. Yang is one of 9 directors with the exact same fiduciary duties and motivation as all of his fellow directors — to serve the best interests of all the company’s shareholders. The Board and the Transactions and Strategic Planning Committee initiate, direct, and oversee any work Mr. Yang undertakes in relation to the strategic review process.
By Emma Brown