Shareholders at America Online has voted to re-elect all of the company board of directors despite a proxy challenge from Starboard. Starboard owns over 5% of AOL and initiated a proxy battle by sending a series of activist letters to AOL’s board starting at the beginning of the year. AOL’s stock is up 80% since the start of 2012, primarily because of a billion dollar sale of patents to Microsoft.
Below is a statement from the company
“On behalf of AOL’s Board and management team, we want to thank our stockholders for their strong support throughout this process. Over the past few months, we have met with many of our stockholders and greatly appreciate their feedback as well as their commitment to AOL. We intend to be responsive to the messages we heard from our investors and will continue our plans to pursue adding two new independent directors to the Board, who we believe will add additional expertise and relevant perspectives to further enhance the strength of our Board. Today’s outcome reaffirms our strong belief that AOL has the right strategy and team to successfully execute on our plan to continue to deliver enhanced value for all stockholders.”