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Recommended Changes

By Reuters  |  Posted 06-16-2008 Print

Recommended Changes

Jackson said on Monday that the three members of Yahoo's compensation committee, including Chairman Roy Bostock, and a fourth director, Softbank Capital's Eric Hippeau, should not be re-elected.

"I frankly hold Mr. Bostock more responsible (than Yahoo CEO Jerry Yang) for the break-down in talks with Microsoft," wrote Jackson, who runs investment firm Ironfire Capital and personally owns only a handful of Yahoo shares.

"He supposedly has much more experience in such deal-making matters than Yang," Jackson wrote, "and I find it puzzling that he would choose not to attend that fateful meeting on May 3rd in Seattle, which led to Microsoft finally pulling the plug on their offer."

Yang met with Microsoft Chief Executive Steve Ballmer on May 3 in a last attempt to negotiate before the software giant rescinded its offer to buy all of Yahoo. Ballmer had sweetened the offer to $33 a share, but Yahoo would not go below $37, sources told Reuters earlier.

Jackson endorsed Yang's re-election, but left it to the new board to determine whether he should remain chief executive.

From the Icahn slate, he endorsed venture capitalist Adam Dell, who is Dell chief Michael Dell's brother; Harvard law professor Lucian Bebchuk; former Nextel CEO John Chapple; and former Grey Global CEO Edward Meyer.

Jackson said electing a minority of Icahn's nominees to Yahoo's board would also keep a $2.6 billion severance plan from being triggered through a change of control clause, which would happen if Icahn's entire slate was elected.

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