Hedge Fund Nominates Slate to AOL Board

(Reuters) - AOL Inc, waging a proxy fight with activist hedge fund Starboard Value, said on Saturday its share

(Reuters) - AOL Inc, waging a proxy fight with activist hedge fund Starboard Value, said on Saturday its shareh

(Reuters) - AOL Chief Executive Tim Armstrong's compensation declined to $3.2 million in 2011 from some $15.3 million in the prior year, according to a regulatory filing. The 41-year-old former Google executive did not receive any stock rewards or options in 2011 and received a base salary of $1 million, which remained unchanged from 2010. The proxy filing also urged shareholders not to vote for the activist hedge fund Starboard Value's slate of board nominees. Starboard, which spun off from Ramius LLC in March 2011, launched a campaign late last year to shake up AOL.

BOSTON (Reuters

Tim Armstrong is a happy man today. The AOL CEO just got an important vote of confidence from investors, surviving a challenge from activist hedge fund Starboard Value at the company's annual shareholders' meeting. Starboard failed to secure any of the three board seats it had targeted, with all of AOL's current directors winning reelection.

BOSTON (Reuters) - AOL Inc shareholders vote on Thursday on whether to hold course on the one-time Internet giant's strategy to gradually become an ad-driven media destination or to shake up the company in line with an activist investor's demands. Six months into a battle between existing management and Starboard Value, shareholders will decide whether to keep AOL's existing eight-member board of directors or take on up to three Starboard-backed nominees that the hedge fund says will push for better returns for shareholders. ...

BOSTON (Reuters) - AOL Inc shareholders re-elected the company's eight-member board of directors on Thursday, handing a defeat to activist hedge fund Starboard Value, which had sought to unseat three directors.

AOL said Thursday that shareholders re-elected all of its board members, rejecting a challenge from a hedge fund seeking a shakeup at the Internet and media group."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," the company said in a statement.The vote was a setback for the Starboard Value hedge fund, with a large stake in AOL, which sought five seats on the board of directors and has criticized the strategy of the current management.