Tuesday, June 3, 2008
Carl Icahn said he will seek to remove Yahoo co-founder and CEO Jerry Yang if he is successful in his proxy campaign to replace the directors. Icahn accused the CEO of taking extreme measures to ward off Microsoft's bid in order to entrench management. Yesterday the Delaware court unsealed documents in a shareholders' suit against Yahoo directors that revealed new information about the expensive employee-severance plan that the Yahoo board adopted while Microsoft's offer was pending. WSJ, Icahn Steps Up Yahoo Attack, Seeks Yang's Ouster as CEO.