Yahoo! recounts! votes!
Yang! even! less! popular! than! thought!
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Yahoo! miscounted the shareholder votes at its general meeting last week, it has admitted to the Securities and Exchange Commission.
To be fair, the miscount was blamed on Broadridge Financial Services which acts as a proxy for institutional shareholders and mucked up the votes. Broadbridge blamed "a truncation error [which] occurred in reporting share numbers that exceeded eight digits".
The recounted results show Yahoo! boss Jerry Yang, and most of the rest of the board, were somewhat less popular than originally reported.
The original results showed Yang getting 85.4 per cent of votes in his favour, but corrected figures show he only pulled in 66.3 per cent of the vote. Chairman Roy Bostock saw his vote fall from 79.5 per cent in favour to 60.4 per cent.
Despite the hanging chaddery, there was no change to the result, which means the board remains unchanged and Yang is still in charge. For now, anyway.
Full details from Yahoo! here. ®
COMMENTS
Yahoo needs to get rid of Icahn at any cost
I am terrified by that guys actions since the whole MS drama begun.
First of all, Yahoo and Microsoft cultures doesn't match at all.
It wouldn't be 1+1=2 , it would be 1+1=0.5 making Google a further de-facto monopoly.
As a Yahoo user, I see this fact and Icahn, a billionaire tech investor doesn't see? It makes no sense. That guy should be paid whatever amount he wants and should be sent out of Yahoo at any cost.
Just imagine you are a high end person/developer working at Yahoo for some new projects, you take your coffee and open "The Register", this story appears. What kind of motivation it would give?
That guy will kill Yahoo and it will be bad for everyone even including Microsoft themselves.
@!D!A!V!I!D!
Spoil! sport!
On a side note:
This election brought to you by Flordia. We put the DUH! in FlorDUH.
Time for another 50 recounts, maybe a couple lawsuits and several re-votes.
Is it just me of when you tell the comment box to "Remember me on this computer" it never does? And no I dont clean cookies. Work computer FTW
@Vincent
A "truncation error" is easy if you only allow 8 digits, so 100,000,000 becomes 10,000,000, or, even more likely, 00000000. I'm just aghast that someone would still own more than 8 digits' worth of shares of Yahoo!
As to how they could have missed it, I still vividly recall when I was teaching a calculus class and I asked a student what six times seven was. She dutifully plugged it into her calculator and gave me an answer of 279,936. I asked, "Are you sure that's right?"
Her answer, "Of course. This is a really expensive calculator."
*SIGH*
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