Yahoo has its new CEO, Scott Thompson, and founder Jerry Yang stepped down from the company and the board a few weeks ago. But all along, people have been asking when is the rest of the Yahoo board going to resign?
Well, that day is today for four more directors, including chairman Roy Bostock. He was sticking around to try to oversee the disposition of Yahoo’s Asian assets. It doesn’t look like that is going so well. Today, in his letter to shareholders, Bostock disclosed that he would not be standing for re-election to the board, and neither would 3 other directors. Meanwhile, Yahoo elected two new board members: Maynard Webb and Alfred Amoroso. Webb was the chairman and CEO of LiveOps, and before that a well-regarded eBAy executive.
From the letter:
Finally, the board has concluded that in order to accelerate the Company’s transformation, the combination of a new Chief Executive Officer with an enhanced team of independent directors would provide Yahoo! with the expertise and perspectives necessary to drive innovation and growth going forward. Therefore, Mr. Joshi, Mr. Kern, Mr. Wilson and I have volunteered not to stand for re-election at the next shareholders’ meeting.
Furthermore, the board today elected two highly qualified independent directors, Alfred Amoroso and Maynard Webb, Jr. Mr. Amoroso served as President and CEO of Rovi Corporation until December 2011 and, among other positions, had previously served as the President, CEO and Vice Chairman of META Group, Inc., the President and CEO of CrossWorlds Software, Inc. and as a member of the world-wide management committee of IBM Corporation. Mr. Webb, the Chairman of LiveOps, Inc., served as that company’s CEO until July 2011. Prior to that, Mr. Webb was Chief Operating Officer of eBay and Senior Vice President and Chief Information Officer for Gateway, Inc., in addition to management, leadership and board positions at several other companies spanning his 30-year career
That needed to happen. Now Yahoo can get a fresh start.