Yahoo CEO Carol Bartz speaks at the American Association of Advertising Agencies annual Media and Leadership Conference in San Francisco, California March 1, 2010.
Credit: Reuters/Robert Galbraith
By Alexei Oreskovic
SAN FRANCISCO | Thu Jun 23, 2011 12:14pm EDT
(Reuters) - The chairman of Yahoo Inc voiced support for Chief Executive Carol Bartz, saying the company has a clear path forward toward accelerated revenue growth.
"The hard won progress that we have made is why this board is very supportive of Carol and the management team," Chairman Roy Bostock said at Yahoo's annual shareholder meeting on Thursday.
While Bostock described efforts to turn the company around as a "work in progress," he said the board of directors was "confident that Yahoo is heading in the right direction."
Yahoo said at the meeting that at least 90 percent of shareholders had voted in favor of new one-year terms for all members of the company's board of directors, save for Bartz and Bostock, who received roughly 80 percent of the votes cast.
Shares of Yahoo were down 2.1 percent at $14.91 in midday trading.
In her more than two years as CEO of the struggling Internet company. Bartz has cut costs and boosted profit margins but has made scant progress reviving revenue growth.
In recent weeks, there has been speculation and reports in some technology blogs that Yahoo might be interested in replacing Bartz, who has about 18 months remaining on her contract.
Yahoo's management and board have also been criticized by shareholders angry about how the company has handled its relationship with China's Alibaba Group, in which Yahoo owns a roughly 40 percent stake.
(Reporting by Alexei Oreskovic; editing by John Wallace)
Credit: Reuters (www.reuters.com)
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