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Yahoo appoints 3 new members to its board

Sun, 03/25/2012 - 2:05pm
PALLAVI GOGOI - AP Business Writer - Associated Press

Internet company Yahoo is appointing three members to its board of directors, gearing up for a proxy fight with one of its largest shareholders.

The announcement Sunday comes four days after Third Point LLC launched a campaign to win four seats on Yahoo's board.

Yahoo Inc.'s nominees to the board are John Hayes, chief marketing officer of American Express, Peter Liguori, former chief operating officer of Discovery Communications Inc. and Thomas McInerney, the outgoing chief financial officer of IAC/InterActiveCorp.

The announcement sets the stage for a nasty battle that could drag on for months with Third Point, which owns a 5.8 percent stake in Yahoo.

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