Yahoo has confirmed the appointment of Frank Biondi and John Chapple to the
company's board of directors.
The pair will fill seats on the board created after the company
struck
a deal with investor-activist Carl Icahn. Under the deal, Icahn was given
his own seat on the board and allowed to produce a list of names from which
Yahoo's other members could select two new directors.
Rumours that the pair would be appointed first
began
to surface earlier this week. On Thursday, Yahoo confirmed the reports.
"We are pleased to add people of Frank's and John's caliber to our board,"
said Yahoo chairman Roy Bostock.
"Frank's extensive experience in the entertainment and media industries,
combined with John's deep management experience in telecommunications, will
provide valuable perspectives to our already diverse board."
Biondi is currently working as a senior managing director at equity firm
WaterView Advisers. He is also on the board of directors at Seagate, Cablevision
Systems and Hasbro.
Chapple works at equity firm Hawkeye Investments and is on the board of
directors at several telco firms.
The two will work with Icahn to help Yahoo's board move beyond its feud with
Microsoft and the subsequent shareholder rebellion. When talks of a possible
acquisition by the Redmond software giant fell through, a group of investors
lead by Icahn called for the removal of the entire board.
Even after the company struck a deal with Icahn, many investors remained
upset over the board's actions. At the company's recent annual meeting, only
two-thirds
of the shareholders voted to re-elect chairman Roy Bostock and chief executive
Jerry Yang.
Yang expressed support for both of the new directors on Thursday and
emphasised Yahoo's future plans.
"No other company in the internet space has our unique combination of a
global brand, the industry's best talent, innovative technologies and
exceptional assets," he said.
"I look forward to working together with Frank, John, and the rest of our
board to continue the progress we've made on our strategy to be the starting
point for the most internet users, a must buy for most advertisers, and to
develop the world's most open platforms."
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