ARMSTRONG WINS! AOL Shareholders Side With Management, Vanquish Proxy Challengers

 

tim armstrong, braveheart, fire

Photo: Illustration by Business Insider

AOL shareholders have voted to re-elect all of the company’s directors, defeating a proxy challenge from Starboard.

Here’s a statement from the company:

“On behalf of AOL’s Board and management team, we want to thank our stockholders for their strong support throughout this process. Over the past few months, we have met with many of our stockholders and greatly appreciate their feedback as well as their commitment to AOL. We intend to be responsive to the messages we heard from our investors and will continue our plans to pursue adding two new independent directors to the Board, who we believe will add additional expertise and relevant perspectives to further enhance the strength of our Board. Today’s outcome reaffirms our strong belief that AOL has the right strategy and team to successfully execute on our plan to continue to deliver enhanced value for all stockholders.”

Starboard, which owns more than 5% of AOL, initiated its proxy fight with a series of activist letters to AOL’s board starting at the beginning of last year.

But since the beginning of 2012, AOL’s stock is up 80%, thanks largely to a billion dollar sale of AOL patents to Microsoft.

AOL hosted a conference call after the vote, and we took live notes here.

Live notes below…

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

aol sai-us