Yahoo delay annual meeting, lose director
The postponement of the board meeting probably means Yahoo needs more time to work out a deal with Microsoft, said Karsten Weide, an analyst at IDC. He believes Microsoft ultimately will buy Yahoo, even though the software giant removed its offer and has said it is working on another type of transaction with the company.
In addition to the change in the annual meeting, Yahoo said Edward Kozel resigned from the board. In a filing with the U.S. Securities and Exchange Commission, Yahoo said Kozel had planned to leave the board in February but decided to stay on following the acquisition proposal from Microsoft.
As a result of his resignation, Yahoo has reduced the size of its board to nine directors, it said.
While Kozel said he is resigning in order to spend more time with his family, he probably has another reason, Weide said. “What it means is there is dissent,” he said. Kozel may not have agreed with the board’s refusal to make a deal with Microsoft and he may be worried about lawsuits charging the board with failing to do its duty, Weide said.