• The Wall Street Journal, Wednesday, August 13, 2008 11:16 AM

The Wall Street Journal reports that Yahoo is set to unveil former Viacom CEO Frank Biondi and former Nextel Partners CEO John Chapple as its two newest, Carl Icahn-appointed board members. Barring any resistance from the company's other board members, the appointments will be announced formally on Friday.

Biondi and Chapple would fill two new board slots created as part of Yahoo's agreement with Icahn, the billionaire activist investor. In exchange for Icahn backing out of his proxy challenge, Yahoo agreed to create two new board seats, in addition to replacing one of its existing members with Icahn. Meanwhile, it's unclear what the corporate raider's plans are for the Web giant; in the past, he's expressed interest in selling Yahoo's search business to Microsoft, and possibly acquiring AOL.

The three new members join a board that's struggling to maintain investor confidence. Following Yahoo's Aug. 1 shareholder meeting, Chairman Roy Bostock received support from just 60% of the votes cast. CEO Jerry Yang received support from 66%.

Read the whole story at The Wall Street Journal »