Sunday, May 04, 2008

Vote "Against" Yahoo! Board at the July Annual Meeting

Like most Yahoo! shareholders, I'm very disappointed with yesterday's outcome in Microsoft walking away from its $33 / share bid.

I believe that, although Yahoo!'s board is made up of individuals who have been successful in their separate careers, they got caught up in a group mindset that they "deserved" close to the $41 / share offer Microsoft reportedly made over a year ago and which they (and/or Terry Semel) previously turned down (despite the company's current competitive situation).

It appears that they believed accepting anything less than $37 / share was tantamount to admitting they had made a big mistake in passing on a better deal before.

Boards need to be the eyes and ears acting on behalf of the best interests of the shareholders. Our interests haven't been served by this outcome. Hubris and pride got in the way.

At last June's annual meeting for Yahoo!, I and many other shareholders withheld votes for most of the slate. The large protest vote likely contributed to Terry Semel leaving his post 6 days later.

This year, Yahoo! must hold its annual meeting before the end of July (they still haven't set a date yet). That gives us two months to discuss our efforts with other Yahoo! shareholders - retail and institutional. If you are a Yahoo! shareholder, join me in voting "against" Yahoo!'s board at the July annula meeting. We need new blood on this board. We need to know that our interests as shareholders are properly being represented.

Sign up here if you plan on voting "against" the Yahoo! board:

If we speak with one voice we have power; if we speak without unity, we give up our power to the current slate of directors.

Comment below and let us hear your voices.

We want what's best for Yahoo! and its shareholders. That didn't happen this weekend.

Enough is enough.

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