Yahoo is set to hold its annual general meeting and shareholder vote on August 1 and it could spell the end for the company's current board of directors. Billionaire investor Carl Icahn has confirmed that he will fire Yahoo CEO Jerry Yang if his proposals are supported by a majority of shareholders.
Icahn tried unsuccessfully to oust Yahoo's board following the failed merger with Microsoft back in April; Yang was the main target of the billionaire shareholder's anger. Events over the last few days have further consolidated Icahn's personal crusade against Yang.
Documents released yesterday by the Delaware Chancery showed that Yahoo's board had drafted a press release rejecting Microsoft's bid three months before it was officially put forward. Icahn has claimed that Microsoft executives could be unwilling to strike any new deal with Yahoo if the current board is still in place.
Yahoo's board of directors chose to postpone the general meeting and shareholder vote in what is being seen as an attempt to strike a compromise deal with Microsoft and save their collective bacon. But it looks like it will be too little too late.