Yahoo Declared That Its Board Of Directors Functioned Well And Jerry Yang Would Not Resign

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According to the reports of foreign media, as for the requirement proposed by CEO Daniel Loeb of Yahoo’s radical investor Third Point that Yahoo’s founder Jerry Yang should resign the position of director, Yahoo's board of directors declared in a statement that, the board of the company worked well and any director needn’t resign.

Yahoo's board has been in the whirlpool of accusations from the public. The former Yahoo’s CEO Carol Bartz that had been dismissed accused that Yahoo's board was not dedicated enough. On the other hand, Yahoo's board is also planning to sell the company or other transactions.

CEO of hedge fund Third Point Daniel Loeb also sent a letter to Yahoo's board on Friday, requiring that Yahoo’s co-founder Jerry Yang resign from the board office. In response, Yahoo's board said in a statement: “Yahoo's board is launching a comprehensive strategic assessment in order, which is conducive to the interests of all shareholders. And the assessment has the guidance of mentors from independent directors and investment banking businessmen selected by the board.”

The statement indicated ...
... that: ‘We can guarantee to Yahoo’s all shareholders that regardless of what the results of the strategic assessment are, all of them are conducive to the best interests of Yahoo’s shareholders. Mr. Jerry Yang is one of the nine members of the Board of Directors. He and other directors bear the same obligations and responsibilities as well as intrinsic motivation, that is, serving for the best interests of all shareholders of the company. Our company’s Board of Directors as well as Transaction and Strategy Planning Committee will initiate, guide and supervise the work of Jerry Yang's strategic assessment.”

In an open letter, Loeb said that Yahoo should not allow Jerry Yang to participate in negotiations related to trade, especially taking the failure of Microsoft's bid requirement for Yahoo in 2008 into account. Loeb wrote in the letter: “The company's ethics and related rules decide that Jerry Yang cannot participate in further negotiations on behalf of Yahoo. In addition, the company should immediately ask Yang to resign from the board.” On the previous, Loeb also asked Chairman of Yahoo’s Board Roy Bostock to resign. Third Point currently holds a 5 percent stake in Yahoo.

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