Vote final, Yacktman wins
December 14, 1998
The official tally in Donald Yacktman's proxy battle with the independent directors of his funds confirmed that Yacktman had successfully ousted four independent directors with whom he feuded.
A report issued Dec. 4 by the independent inspector of elections which supervised the proxy fight showed Yacktman received nearly 21.4 million votes in his proposal to remove the directors. While Yacktman won roughly 90 percent of the votes cast on Nov. 24, he narrowly exceeded the 20,893,000 he needed to oust Jon D. Carlson, Stanislaw Maliszewski, Thomas R. Hanson and Stephen E. Upton. Yacktman needed a majority of total shares outstanding to prevail.