SUNNYVALE (dpa-AFX) - Philip Satre, Chairman of the Board, and Patti Hart, Chief Executive Officer of International Game Technology (IGT) issued statements in connection with recent developments relating to Hart's position as a director of Yahoo! Inc. (YHOO).
Philip Satre said that after a thorough review, International Game Technology Board has found no material inconsistencies in Patti Hart's academic credentials. The Board unanimously stands behind Patti as the company's CEO and fully supports her leadership and the direction she has set for the Company.
In addition, Philip Satre said the company believes her service as a member of Yahoo!'s Board of Directors could become a distraction from her responsibilities to the company.
Philip Satre also noted that the company has asked Patti not to seek re-election to the Yahoo! Board and the company will closely monitor future developments at Yahoo! and their impact on Patti's responsibilities to IGT.
Patti Hart said that she has decided not to stand for re-election to the Yahoo! Board of Directors at the upcoming annual meeting of stockholders.
'It has been my privilege to serve Yahoo! stockholders and I remain confident in the Company's future. However, my primary responsibilities are to serve as Chief Executive Officer of IGT and to eliminate activities that may interfere with my ability to carry out my commitments to IGT and its valued stakeholders,' Patti Hart said in the statement.
Recently, Third Point LLC, which owns a 5.8 percent stake in Yahoo!, demanded an inspection of Yahoo! Inc.'s books and records related to the hiring of CEO Scott Thompson who is under fire from the hedge fund for having lied about his academic credentials. Third Point also demanded investigation into the appointment of Patti Hart to the Yahoo! Board, and the selection of Board Members Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr., and Fred Amoroso.
Copyright RTT News/dpa-AFX
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