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Investors question Yahoo board Yahoo board wins investor vote
(31 minutes later)
Yahoo executives have defended their handling of negotiations with Microsoft at the annual meeting of their shareholders in California. Yahoo shareholders have voted to re-elect the firm's board after it defended its handling of negotiations with Microsoft over a possible deal.
Some investors have criticised their failure to agree a deal with Microsoft, which had offered to buy the internet firm for $47.5bn (£24.1bn). Chief executive Jerry Yang won the backing of 85% of investors at Yahoo's annual meeting in California.
Yahoo said it had "controlled the process" of dealing with Microsoft. Some investors had criticised the firm's failure to agree a deal with Microsoft, which had offered to buy the internet firm for $47.5bn (£24.1bn).
One of the 150 investors at the meeting called on the chief executive Ray Bostock to resign. During the meeting, one called on chairman Ray Bostock to resign.
Shareholder Eric Jackson of Ironfire Capital said Mr Bostock "should do the honourable thing and step down from the board". Shareholder Eric Jackson of Ironfire Capital - one of 150 investors at the meeting - said Mr Bostock "should do the honourable thing and step down from the board".
He accused the Yahoo boss of overplaying his hand with Microsoft.He accused the Yahoo boss of overplaying his hand with Microsoft.
In response, Mr Bostock said there had been "a great deal of misunderstanding" regarding Yahoo's dealings with the software giant.In response, Mr Bostock said there had been "a great deal of misunderstanding" regarding Yahoo's dealings with the software giant.
"The board controlled the process of dealing with Microsoft right from the beginning," Mr Bostock told the meeting."The board controlled the process of dealing with Microsoft right from the beginning," Mr Bostock told the meeting.
"We called the shots.""We called the shots."
Almost 80% of shareholders voted in favour of his re-election.
One investor not at the meeting is billionaire Carl Icahn, who had threatened to attempt to replace the board at the AGM.One investor not at the meeting is billionaire Carl Icahn, who had threatened to attempt to replace the board at the AGM.
He changed his mind a fortnight ago after Yahoo offered him and two of his nominees seats on an enlarged Yahoo board.He changed his mind a fortnight ago after Yahoo offered him and two of his nominees seats on an enlarged Yahoo board.
Microsoft first offered to buy Yahoo in January and eventually walked away from negotiations in May after Yahoo rejected an improved offer.Microsoft first offered to buy Yahoo in January and eventually walked away from negotiations in May after Yahoo rejected an improved offer.