Yahoo Inc. said Wednesday its board of directors has authorized a program to repurchase up to $3 billion of the company's stock over the next three years.
Yahoo (YHOO 14.13, +0.06, +0.43%) said in a regulatory filing that its board approved the program last Thursday, and that the stock purchases may "take place in the open market or in privately negotiated transactions."
Yahoo is in the midst of a sweeping turnaround effort that involves cost cutting and an increased focus on its online display advertising business.Yahoo shares rose less than 1% in after-hours trading, to $13.95.
The Sunnyvale, Calif.-based Internet company held its annual meeting last Thursday, where shareholders re-elected returning board members, and elected two new members in Intuit Inc.(INTU 34.60, +0.30, +0.86%) CEO Brad Smith and International Game Technology (IGT 15.56, +0.11, +0.71%)CEO Patti Hart.
Yahoo Chief Executive Carol Bartz received more than 1 billion votes in favor of her re-election to the board, and only about 6 million against. Chairman Roy Bostock, however, received less than 1 billion votes in favor, and more than 73 million against, while compensation committee chairman Arthur Kern received less than 1 billion votes in favor, and more than 85 million against.
During the annual meeting, Bartz acknowledged that Yahoo's share price has disappointed investors of late. See related story.
Yahoo shares have dipped roughly 15% in the past three months, while the Nasdaq Composite Index (COMP 2,101, +9.59, +0.46%) has fallen about 12% over the same period.
