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Yahoo chairman, three other directors won't stand for re-election

09 февраля 2012

Yahoo Inc. Chairman Roy Bostock and three other directors have decided that they won't stand for re-election to the board at the company's upcoming annual meeting, saying the move will accelerate the struggling Internet giant's transformation under its new chief executive.

Along with Bostock, Hewlett-Packard Co. executive Vyomesh Joshi, media investor Arthur Kern and Gary Wilson, previously of Walt Disney Co., will step aside. The company named Alfred Amoroso, former chief executive of Rovi Corp., and Maynard Webb Jr., chairman of LiveOps Inc., as replacements. It will launch a search to fill the other openings.

Following the annual meeting, a majority of Yahoo's directors will be new to the board this year, and all directors will have joined since 2010. 

All Things Digital, which is also published by News Corp., previously reported the moves.

The exits follow the departure of Jerry Yang, Yahoo's co-founder, who left the board last month after facing pressure and grappling with criticism over his multiple roles at the Sunnyvale, Calif., company; the Yahoo co-founder was also a director, former chief executive and large shareholder. Some investors questioned whether Yang had conflicts of interest as Yahoo explores its strategic options, including whether to sell all or part of the company.

In recent months, activist investor Dan Loeb's Third Point LLC has threatened a proxy fight against Yahoo and called for the resignation of Yang and several other directors.

Also last month, Yahoo hired Scott Thompson, former president of eBay Inc.'s PayPal unit, as its new chief executive. He fills a void created four months earlier when the board fired Carol Bartz. Yahoo is also closing in on a deal to shed its stakes in Yahoo Japan Corp. and Alibaba.com Ltd. without creating a hefty tax bill.

Last autumn, Yahoo had said it was looking at a range of strategic options, including the possible sale of all or part of the company.

Yahoo has been struggling in recent quarters, with headlines dominated by uncertainty about its future. Its efforts to turn itself around by cutting costs and joining forces with Microsoft Corp. have yet to produce reliable sales growth. Disappointment with the effort culminated in the unceremonious ouster of Bartz.


Источник: Total Telecom

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