Drama at Yahoo's Shareholder MeetingCategory: Internet
Posted: August 1, 2008 07:15PM
"There was never a deal put on the table that was compelling enough that we, as the board, could look the shareholders in the eyes and say this is a good deal for you," –Bostock, board chairman of Yahoo.
Some may remember Microsoft’s failed attempt to acquire Yahoo earlier this year, in part because the corporate juggernaut had not offered a price acceptable to Yahoo’s executives. Despite Bostock’s insistence that the deal would not have been beneficial in the long run to the company and its stockholders, many Yahoo shareholders are disappointed at what they see as a missed opportunity. This disappointment culminated today at a shareholder’s meeting where Yahoo was harshly criticized by shareholders angry over what they saw as Yahoo’s mishandling of the entire affair. One even went so far as to demand that Bostock “do the honorable thing” and step down. Another dramatic tirade came during the Q&A at the end of the meeting, when one person exclaimed “I think you’ve overpaid your executive compensation, overplayed your hand with Microsoft and overstayed your welcome."
Sentiments were not entirely against Yahoo today, however, as some praised Yahoo’s actions as doing what’s right for the company, preserving Yahoo’s autonomy in the face of Microsoft’s conglomerate expansion in the technology market. At the end of the day, Yahoo’s board members were all re-elected, including CEO Jeff Yang, who voiced optimism for the coming months after outlining Yahoo’s overall growth strategy.