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Yahoo said it would appoint three new independent directors to its board in April, as the Internet company aims to complete an overhaul of its board and leadership while avoiding a proxy fight with an unhappy large shareholder.
Yahoo Inc shareholder Daniel Loeb appealed to the company's co-founder Jerry Yang to fire Chairman Roy Bostock and several other directors to revive the Internet media company after years of poor performance.
And so it begins. After Yahoo this week gave CEO Carol Bartz the axe, the stock rallied on the suspicion on the Street that the company almost certainly has now been put into play, and might not last very long with its current corporate structure.