Fred Amoroso Steps Down as Chairman of Yahoo

Yahoo has a new chairman, the online company said Thursday.

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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.

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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."

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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.