There was Microsoft. Then Carl Ichan. Then the vindication at a shareholders meeting. Isn’t it time for Yahoo to get a break?
Apparently, not. It now turns out that Yahoo CEO Jerry Yang and chairman Roy Bostock did not get the resounding affirmation rates of of 85.4 percent and 79.5 percent respectively at last Friday’s annual meeting that seemed to vindicate their efforts to fight off unwelcome takeovers and angry shareholders.
According to a recount forced by Capital Research Global Investors, operator of such well-regarded investments as American Funds, Yang really got a 66.3 percent approval rate and Bostock 60.4 percent. The screw-up was the error of Broadridge Financial Services which said it failed to report some of the share numbers that went over eight digits.
Well, we all have dealt with such unfortunate mishaps before. I once had to handle an accounting firm whose motto should have been “We Get It Right the Fourth Time.”
But even these more modest level of support for Yang and Bostock are still clearly over the halfway mark. According to some business analysts, the vote means that Yang and Bostock face more pressure from their board.
Well, of course they do, given the problems of Yahoo. It’s time for shareholders, the board and Yang and Bostock to move on and fix things. If they don’t, then the vultures can start circling again.
