News
Yang tells staff of takeover traumas
Categories: E-commerce
19 May 2008
Jerry Yang, chief executive of Yahoo!, has emailed company employees readying them for a fight with Carl Icahn, the shareholder who proposes to depose him.
A transcript of the messages appeared on the CNET News blog. Mr Yang used the correspondence to reveal exchanges between himself and Mr Icahn and answer questions about the proxy battle ahead.
"We ask you to continue to put aside all rumours and speculation you may be hearing," it said and urged employees to stay focused on their work.
He told them Mr Icahn had shown "a significant misunderstanding of the facts about how hard our independent board has worked - and continues to work", and reaffirmed his faith in the current management.
Mr Icahn is a billionaire investor who recently revealed his plan to unseat the current board, following its failure to agree a deal with Microsoft.
Microsoft's earlier attempt to buy the firm was rejected by Mr Yang, who had held out for a better price.
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