Yahoo Chairman and Three Others Quit the Board
The transformation of Yahoo continued on Tuesday when chairman Roy Bostock revealed in a letter to shareholders that he would not be standing for reelection, nor would three other board members.
Yahoo also said it has elected two new board members: Maynard Webb, Jr., a former CEO of LiveOps and before that COO of eBay; and Alfred Amoroso, a former CEO of Rovi Corp. and of META Group.
Also quitting the board are Vyomesh Joshi, a Hewlett-Packard executive; Arthur Kern, a private investor; and Gary Wilson, a general partner at Manhattan Pacific Partners.
The moves announced Tuesday follow the recent resignation of co-founder Jerry Yang from Yahoo's board as well as the firing of CEO Carol Bartz, ultimately replacing her with former PayPal executive Scott Thompson.
The shakeup at Yahoo was long overdue, say some analysts and investors who still find it hard to believe that Yahoo refused an offer to be acquired by Microsoft in 2008 for $33 a share. The stock has languished ever since, closing Tuesday at $15.83.
In his letter, Bostock indicates that his resignation from the board is part of a turnaround plan that he initiated six months ago. He also refers to "discussions with potential partners" that are ongoing and to the "possibility of restructuring our holdings in Alibaba Group and Yahoo Japan." He also says the search is on for additional directors.
"Thus, following this year's Annual Meeting a majority of Yahoo's directors will be new to the board this year, and all directors will have joined the board since 2010," Bostock wrote. "We believe that this reconfigured board, with a fresh set of perspectives and diverse set of skills will enable the company to move forward even more aggressively."