Yahoo Director’s Honeymoon to Delay Deposition in Pension Fund Suit
Delaware Chancellor William Chandler III says he is “a bit mystified” why a Yahoo director can’t find time for a deposition before he begins a delayed honeymoon on May 4, but the judge has refused to order the official to appear for the proceeding.
Director Arthur Kern says he’ll be out of the country for his honeymoon, which begins about two months after his March 1 wedding date, the Wall Street Journal’s Deal Journal blog reports. Kern’s lawyers say he already delayed the honeymoon because of personal and business obligations, including Yahoo work, and he is busy now with honeymoon preparations.
Lawyers for two Detroit pension funds want to question Kern about an enhanced severance plan approved by Yahoo in the event employees are laid off without good cause after a merger with Microsoft. Kern is chair of Yahoo’s compensation committee. He won’t be available for a deposition until June 9, his lawyers say.
The pension funds claim Yahoo breached its fiduciary duty to shareholders by failing to respond in good faith to Microsoft’s unsolicited buyout offer.
