Shareholders back Yang, ex-AOL CEO can’t join Yahoo board

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Jerry Yang and the rest of the board have survived a Yahoo shareholder meeting, after all were at risk of losing their seats; until they made a settlement with Carl Icahn, who launched a proxy battle after the Microhoo deal was formally rejected by the company in May.

While roughly 85 percent of the shareholders supported Jerry Yang, 79 percent supported Roy Bostock – both instrumental in the company’s rejection of the $44.6 billion takeover bid made by Microsoft. Director Robert Kotick, however, left the board of directors; though he was backed by 92.5 percent of those voted – this is because he would resign, with Icahn taking his place.

Meanwhile, Time Warner has said that former AOL CEO Jonathan Miller cannot join the Yahoo board until March 2009 as part of a non-compete clause in his contract. A source has told Reuters that Miller had believed that Time Warner would oppose his joining, claiming that the top execs at Time Warner had "greenlit" it.

Could this see a merger between AOL and Yahoo? We will have to wait and see.

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