A long-time board member of the prominent web portal Yahoo!, Ed Kozel has submitted his resignation as he wishes to concentrate on some personal matters. On the other hand, from the two documents filed with the Securities and Exchange Commission on Thursday 22 May it is learnt that the company has now decided to postpone its board meeting by almost one month to the end of July.

 

Minus Ed Kozel, the board of this Sunnyvale, Calif.-based Web portal will be left with just nine members. All of the remaining Yahoo’s board members are up for re-election during the company’s yearly meeting to be held on 3 July. The Yahoo board is presently staggering due to a shareholder revolt because the company did not accept the almost $50 billion buyout offer from Microsoft recently. To worsen the matter, Yahoo! was slapped with a proxy set of new board members on 15 May by corporate raider Carl Icahn. 

 

Carl Icahn has stated that incase these 10 proxy board members for Yahoo! get appointed then they will revive negotiations with Microsoft for a buyout. The proxy board members for Yahoo! comprise names like billionaire entrepreneur Mark Cuban, former Viacom Chief Executive Frank Biondi and others. Experts hint that deferring the date of the board meeting by a month will give Yahoo board members some time to think out a solution to pacify shareholders.