If Carl Icahn's plan to reinvigorate Yahoo! (Nasdaq: YHOO ) from the inside out is going to work, it's going to have to go through former Viacom (NYSE: VIA ) CEO Frank Biondi and ex-Nextel chief John Chapple.
The shell-shocked online giant appointed Biondi and Chapple to the board last night, joining Icahn at a tumultuous time. Shareholder unrest is percolating, with chairman Roy Bostock receiving just 60.4% of the votes to keep his seat during this month's annual shareholder meeting.
Microsoft (Nasdaq: MSFT ) walked away, but that replaces the ill-fated decision to block Mr. Softy's purchase with investor frustration over the company's languishing share price.
The key here is that Yahoo! isn't irreparably broken. In fact, it may not be broken at all. The company may have posted a dip in profitability this past quarter, but stateside revenue grew at a reasonably reassuring 13% clip. Is it growing as quickly as Google (Nasdaq: GOOG ) ? Of course not, but there are far worse things in life than coming up a distant second to Google.
I like the new appointments. Biondi has the entertainment programming pedigree. Yes, Yahoo! got burned the last time it went Hollywood in bringing in Terry Semel, but Biondi is the kind of sharp media mogul who can be an asset to the boardroom. Chapple's leadership background comes mostly from the wireless arena, which just happens to be a key component of Yahoo!'s turnaround strategy.
At the very least, having fresh faces in the boardroom will keep the rest of the members on their toes, bringing their A game to meetings instead of simply going through the motions.
Icahn's presence doesn't guarantee that change will be for the better. Just ask Blockbuster (NYSE: BBI ) shareholders. However, Icahn, Biondi, and Chapple are fresh voices at a company whose boardroom has gone stale.
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