Icahn to Yang: I've Got Your Pink Slip

Says Jerry wrecked Microsoft deal, and he's out if proxy bid wins
By Jim O'Neill,  Newser User
Posted Jun 4, 2008 6:46 AM CDT
A Yahoo worker leaves Yahoo headquarters in Sunnyvale, Calif.. Billionaire activist investor Carl Icahn is launching a proxy battle to remove Yahoo's board of directors.    (AP Photo/Paul Sakuma, file)
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(Newser) – Billionaire investor Carl Icahn wants Jerry Yang out of Yahoo's CEO seat, and has a pink slip waiting if his proxy action to take over the board is successful, reports the Wall Street Journal. Icahn yesterday unleashed a torrent of criticism of Yang’s role in the aborted Microsoft buyout deal—even as a January 2007 $40-a-share offer came to light this week—and says the software giant no longer trusts Yang.

“It's no longer a mystery to me why Microsoft's offer isn't around," Icahn said, referring to a $2.5-billion employee-retention plan he believes Yahoo used to deter a takeover. "How can Yahoo keep saying they're willing to sell the company on the one hand, while at the same time they're completely sabotaging the process without telling anyone?"