WSJ: Icahn Seeks Yang's Ouster

  |  June 3, 2008   |  Comments

In the latest volley, Yahoo investor Carl Icahn is calling for the ouster of Yahoo's chief executive Jerry Yang, according to wsj.com

In the latest volley, Yahoo investor Carl Icahn is calling for the ouster of Yahoo's chief executive Jerry Yang, according to wsj.com.

Icahn has previously called for the replacement of Yahoo's board, which includes Yang.

The latest report comes a day after a Delaware judge unsealed a class action lawsuit against Yahoo's board and Yang. The suit alleges Yahoo's board set up "roadblocks" to Microsoft's proposed acquisition of Yahoo, especially an expensive employee severance package.

A copy of the unsealed lawsuit can be found at the Web site of Bernstein Litowitz Berger & Grossmann, the firm suing Yahoo on behalf of on behalf of Detroit's Police and Fire Retirement System, Detroit's General Retirement System, and other Yahoo shareholders. "Yang convinced the [Yahoo] board to adopt change-in-control employee severance plans that impose tremendous cost and risks for an acquirer, throwing sand in the gears of Microsoft's plans for a smooth integration," the lawsuit alleges.

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ABOUT THE AUTHOR

Anna Maria Virzi

Anna Maria Virzi, ClickZ's executive editor from 2007 until 2012, covered Internet business and technology since 1996. She was on the launch team for Ziff Davis Media's Baseline and also worked at Forbes.com, Web Week, Internet World, and the Connecticut Post.

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