Yahoo director Ron Burkle to end 9-year stint

Feb 17, 2010

(AP) -- Longtime Yahoo Inc. director Ron Burkle plans to step down, continuing a makeover of the Internet company's 11-member board.

Burkle won't seek re-election at Yahoo's annual meeting later this year so he can focus on his other business interests, the company said Tuesday. He had been on Yahoo's board since 2001.

Two other directors, and Maggie Wilderotter, have left in the past four months. Yahoo appointed one new director, Sue James, last month.

The changes have come as Yahoo struggles to snap out of a three-year financial slump that has punished its stock. The company's board of directors hired veteran Carol Bartz 13 months ago to engineer a turnaround.

Bartz also sits on Yahoo's board.

Burkle, a billionaire who made his fortune running supermarkets, faced stiff opposition from Yahoo shareholders in 2008 amid an outcry over the company's handling of a $47.5 billion takeover bid from Corp.

Yahoo balked at the offer, prompting Microsoft to withdraw a bid that was valued at $33 per share in May 2008. Yahoo's hasn't been above $30 since then. The shares gained 24 cents Tuesday to close at $15.41.

Stockholders lashed out at Burkle in 2008 because he sat on a compensation committee that approved a wide-ranging employee severance plan after Microsoft made its bid. Many shareholders perceived the severance plan as an attempt to shoo away Microsoft by driving up the potential cost of an acquisition.

Nearly 38 percent of Yahoo's voting shareholders opposed Burkle's re-election to the board in 2008.

Explore further: Why the Sony hack isn't big news in Japan

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Yahoo director to step down at end of year

Sep 25, 2009

(AP) -- Yahoo Inc. director Maggie Wilderotter plans to step down from the slumping Internet company's board at the end of this year. The resignation will leave Yahoo with 11 directors.

Yahoo's Yang gets $1 in rocky final year as CEO

Apr 30, 2009

(AP) -- Yahoo Inc. limited co-founder Jerry Yang's 2008 compensation package to his customary $1 salary during his final year as chief executive, a tumultuous reign that unraveled after he rebuffed Microsoft Corp.'s $47.5 ...

Yahoo CEO promises shareholders to get 'mojo back'

Jun 25, 2009

(AP) -- Yahoo Chief Executive Carol Bartz echoed the turnaround promises of her predecessors as she presided over the first shareholder meeting since her hiring, yet she left little doubt the slumping Internet company's ...

Icahn pares Yahoo stake with sale of 12.7M shares

Aug 31, 2009

(AP) -- Financier Carl Icahn, one of Yahoo Inc.'s largest stockholders, has sold 12.7 million shares to whittle his holdings in the slumping Internet company down a percentage point to a 4.5 percent stake.

Yahoo picks a new CFO likely to shake things up

Jun 12, 2009

(AP) -- Yahoo Inc. has hired a cost-cutting specialist as its new chief financial officer, signaling the Internet company's determination to weed out the bureaucracy that has been dragging down its profits for the past three ...

Recommended for you

Why the Sony hack isn't big news in Japan

12 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

17 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

18 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.