2 posts and columns on Chuck Callan

New Yahoo Shareholder Vote: Yang Disapproval More Than Doubles

in News on August 5, 2008 at 2:06 pm PT

The vote is now in and it’s not so pretty for Yahoo, as it turns out. Broadridge Financial Solutions’ corrected tabulation of the vote at the Yahoo annual meeting on Aug. 1, without the “truncation errors,” came out and shareholders are actually mighty irked at Yahoo leadership. Most glaringly, it shows Yahoo CEO Jerry Yang’s disapproval more than double what was previously reported, rising from 14.6 percent votes withheld to 33.7 percent. Yahoo Chairman Roy Bostock increased from 20.5 percent withheld votes to 39.5 percent. Yang, who has been under fire for his management of Yahoo, is likely to now endure yet another round of questioning about whether he should stay in his job in the wake of this clearly massive show of disapproval by investors.

Broadridge to Yahoo: Oops, We Added Wrong (and Shareholders Like You Lots Less)!

in News on August 5, 2008 at 10:07 am PT

Here’s the full statement from the outside firm that tabulated Yahoo’s recent shareholder vote. Bottom line: An underreporting of shares withheld for certain directors, which the Lake Success, N.Y., firm is calling a “truncation error.” That sounds painful. And it is likely Yahoo CEO Jerry Yang will feel much of that pain, as sources said the shares are largely those that were withheld from him by disgruntled shareholders. The mistake will not change the vote’s overall outcome, but it will surely make Yang’s no-vote tally worse.