Yahoo board support tumbles in recount

Tabulation firm discovered errors in calculations

Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported.

Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly 40% of the Netco’s shareholders voted against Bostock, double the amount originally tabulated, and one third voted against Yang, as opposed to 15%. Shareholders voting in favor of Ron Burkle also tumbled to 62% from 81%.

The recount didn’t alter the outcome of last week’s election, which retained Yahoo’s directors despite shareholder anger over the board’s handling of a now-withdrawn $47.5 billion takeover bid from Microsoft Corp. But it underscores how unhappy shareholders are with the company.

The miscounted votes might not have been detected if not for an inquiry lodged Monday by Capital Research Global Investors, which owns a 6.2% stake in Yahoo.

Convinced its opposition to Yahoo’s board wasn’t reflected in last week’s vote, Capital Research demanded an audit from Broadridge Financial Solutions, the processing firm. Broadridge acknowledged Tuesday that a printing mix-up caused it to understate the number of shares that intended to vote against Yahoo directors.

“This was a unique, isolated incident,” said Chuck Callan, Broadridge senior VP of regulatory affairs.

Yahoo’s board is about to be expanded to 11 people to include Carl Icahn and two of his allies. Icahn still hopes to revive talks with Microsoft.

(The Associated Press contributed to this report.)

More Scene

  • LOS ANGELES, CA - MAY 19:

    'Stranger Things' Team Offers Glimpses Into Season 3 at Netflix FYSee

    Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported. Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly […]

  • 'Pose' TV show premiere

    Ryan Murphy Wants 'Pose' to Be 'Uplifting' for LGBTQ Community in Trump Era

    Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported. Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly […]

  • DISNEY CHANNEL - "Disney Channel GO!

    Disney Channel Stars Meet With Fans at First Ever Fan Fest

    Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported. Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly […]

  • Sweet Spots Post-Cannes Retreats: Portugal, Provence

    Sweet Spots for Post-Cannes Retreats: Portugal, Provence and London

    Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported. Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly […]

  • Debra Birnbaum, Liz Flahive, Carly Mensch,

    Women of Netflix, Gabrielle Carteris on the Need for Female Mentorship in TV

    Shareholders didn’t back Yahoo’s board as strongly as the Netco originally reported. Yahoo revised the results of the vote on Tuesday after a tabulation firm discovered errors in the way it calculated the Aug. 1 returns. The recount revealed that support for chair Roy Bostock and chief exec Jerry Yang was far from overwhelming: Nearly […]

More From Our Brands

Access exclusive content