Fred Amoroso Steps Down as Chairman of Yahoo
Yahoo has a new chairman, the online company said Thursday.
In a press release, Yahoo said Fred Amoroso has stepped down as board chairman after 12 months in the position but will remain a director until the company's shareholders meeting June 25.
The company has appointed Maynard Webb Jr. its interim chairman.
Amoroso had been a director for three months when he was elevated to chairman a year ago after Roy Bostock stepped down in the midst of a scandal involving the faulty résumé of former CEO Scott Thompson. A couple of months later, Amoroso and the rest of the board hired former Google executive Marissa Mayer as CEO.
"When I took the position as chairman, I told the board that my intention was to serve for one year in order to help Yahoo during a critical time of transformation," Amoroso said Thursday. "In that time, Yahoo hired a great new CEO, brought on a fantastic management team, revitalized the employee base and has begun to release top-notch new products."
Mayer was appointed CEO of Yahoo 10 months ago and, at age 37, is the youngest chief executive of a Fortune 500 company.
"Fred has been a wonderful chairman for Yahoo over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo CEO," Mayer said Thursday. "Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo."
Webb joined Yahoo's board 15 months ago. He had been a CEO of LiveOps, a provider of cloud contact center solutions, as well as a COO of eBay and a chief information officer at computer maker Gateway.