Yahoo appoints 3 new members to its board

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(AP) NEW YORK - Internet company Yahoo (YHOO) is appointing three members to its board of directors, gearing up for a proxy fight with one of its largest shareholders.

The announcement Sunday comes four days after Third Point LLC launched a campaign to win four seats on Yahoo's board.

Yahoo Inc.'s nominees to the board are John Hayes, chief marketing officer of American Express, Peter Liguori, former Chairman and President of Entertainment of Fox Broadcasting Network and Thomas McInerney, outgoing chief financial officer of IAC/InterActiveCorp.

The announcement sets the stage for a nasty battle that could drag on for months with Third Point, which owns a 5.8 percent stake in Yahoo.