(Adds Yahoo proxy statement details, share price)
NEW YORK, June 9 Carl Icahn on Monday fired off
another letter savaging the board and management of Yahoo Inc
(YHOO.O) for failing in its growth plan, the latest volley in
an escalating proxy battle the billionaire investor has staged
at the Internet company.
Icahn -- who is seeking to replace the board of Yahoo with
his own nominees, including himself -- took aim at Yahoo CEO
Jerry Yang, saying he has failed to come up with a suitable
plan to beat back rivals including Google Inc (GOOG.O).
"While Google's income from operations grew 59 percent per
year for the last two years, Yahoo's income from operations
shrank 21 percent," Icahn said in his latest salvo to Yahoo
Chairman Roy Bostock.
"What was the board doing over this period? Where was their
great plan? Why did you permit Google to leave you in the
dust?" Icahn asked.
Later on Monday, Yahoo filed its proxy statement for its
Aug. 1 shareholder meeting with the U.S. Securities and
The Web company urged shareholders to reelect the current
board of directors, including Bostock and Yang, and reject
Yahoo also said in the filing it expects to foot $12
million in proxy solicitation costs.
Shares of Yahoo were down 6 cents at $26.38 in afternoon
trading on the Nasdaq.
(Reporting by Dane Hamilton and Anupreeta Das, editing by Mark
Porter and Gerald E. McCormick)