Icahn-Backed Execs Join Yahoo! Board

SUNNYVALE, August 15:
Former Viacom chief Frank J. Biondi, Jr. and John H. Chapple, previously the
head of Nextel Partners, are joining billionaire financier Carl Icahn as new
appointees to the board of directors at Yahoo!

Icahn has been lobbying
for an overhaul of the search engine giant’s board after the company rejected
takeover proposals from Microsoft. Vowing to wage a proxy battle, Icahn reached
an agreement with the board, granting himself a seat, as well as two others to
be filled from a list he handpicked.

"We are pleased to
add people of Frank's and John's caliber to our board," commented Yahoo!’s
chairman, Roy Bostock. "Frank's extensive experience in the entertainment
and media industries, combined with John's deep management experience in
telecommunications, will provide valuable perspectives to our already diverse
board. We look forward to working with them as our board continues its ongoing
efforts to enhance stockholder value."

Yahoo!’s co-founder and CEO,
Jerry Yang, added, "No other company in the Internet space has our unique
combination of a global brand, the industry's best talent, innovative
technologies and exceptional assets; strengths we believe will help us take
advantage of the opportunities we see ahead. I look forward to working together
with Frank, John and the rest of our board to continue the progress we've made
on our strategy to be the starting point for the most Internet users, a must
buy for the most advertisers, and to develop the world's most open
platforms."

Biondi has served as
senior managing director of WaterView Advisors, a private-equity limited
partnership focused on media and entertainment, since 1999. From 1996 to 1998,
he was chairman and CEO of Universal Studios, following nine years as president
and CEO of Viacom.

Chapple has served as
president of Hawkeye Investments, a privately owned equity firm investing
primarily in telecommunications and real-estate ventures, since October 2006.
He was formerly president, CEO and chairman of the board of Nextel Partners
from January 1998 to June 2006, when the company was purchased by Sprint
Communications.

—By Mansha Daswani