AOL Wins Proxy Contest, Relieving Pressure on Armstrong
AOL Inc. Thursday won a proxy fight with activist investor Starboard Value, relieving some of the scrutiny of Chief Executive Tim Armstrong’s investments in online content businesses like Patch.com and the Huffington Post.
A majority of shares voted at AOL’s annual meeting were to re-elect all eight of AOL’s current board members, rather than take on any of the three candidates proposed by activist shareholder Starboard Value, according to a preliminary estimate by AOL. A final count of shareholder votes is expected later Thursday.
