Robert Kotick, Yahoo’s director has resigned from his post; however, his resignation would be effective from next week’s company’s annual meeting. Nonetheless, according to the company sources he, under compliance of an agreement with leading investor Carl Icahn will run for re-election.

 

Earlier, Yahoo had furnished its details of agreement to appoint Icahn and two of his nominees to its board to avert a proxy fight in front of US securities regulators. The meeting scheduled for August 1 will expand its board to 11 members, making room for Icahn and two of his candidates.

 

Factually, the new settlement establishes a system under which Yahoo will run a nine-member slate of directors during its shareholders’ meeting on August 1. And, Kotick who earlier had denied contesting for the post has now changed his mind to fight for the same on the Yahoo slate.