14 DAY TRIAL // Yahoo! has confirmed that two new directors who will be included in the executive board are from Carl Icahn's slate. The two businessmen are Frank Biondi and John Chapple, and are familiar with issues regarding media, entertainment, and even telecommunications and real estate. Previously, Biondi held executive roles in companies such as Universal Studios, Viacom, Hasbro, while Chapple was COO or president of enterprises like Hawkeye Investments or AT&T Wireless Services.
Biondi and Chapple are two of the nine executives from the Carl Icahn camp. The list containing the nine candidates' names was forwarded as the best solution to replace the current board of directors, back in the days when the activist investor was making a purpose out of excluding Yang, Bostock and the rest of their group from the board. The reason is by now common knowledge - the directors would not accept a deal with Microsoft, which to Icahn seemed to be the best solution to ensure Yahoo!'s stability in a troubled economic environment.
After a fight that lasted for two months, Yang and the affiliates managed to come to an agreement with the proxy fighter. They decided that, in exchange for three spots in the directors' board, for Icahn and two of his right-hand men, the investor would give up the fight. So it happened, as the two businessmen chosen by Yahoo! to complete the list of executives were confirmed yesterday.
Moreover, Yahoo!'s officials expressed their enthusiasm about their new "colleagues," which, of course, can only be interpreted as a normal PR tactic given the circumstances. "We are pleased to add people of Frank's and John's caliber to our board," commented Yahoo! Chairman Roy Bostock. "Frank's extensive experience in the entertainment and media industries, combined with John's deep management experience in telecommunications, will provide valuable perspectives to our already diverse board. We look forward to working with them as our board continues its ongoing efforts to enhance stockholder value." he further added.