Yahoo appoints 3 new members to its board

End of an era Getty Images

(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.

Popular on CBS News


Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.