Yahoo chairman steps down, reviews continue
Yahoo's chairman Roy Bostock and three other directors will not seek re-election, as discussions on the company's stakes in Alibaba Group and Yahoo Japan drags on.
The U.S. Internet giant said in a letter to shareholders Tuesday that Rostock and three other directors, will not be standing for re-election in the next shareholders' meeting. While a replacement for Rostock was not named, Alfred Amoroso, former Rovi CEO and IBM veteran and Maynard Webb, ex-eBay COO were appointed as independent directors.
Bostock's tenure comes after the departure of Yahoo's co-founder Jerry Yang and the appointment of former PayPal president Scott Thompson as CEO, replacing Carol Bartz who was fired in September 2011.
"We all take pride in the fact that we are positioning Yahoo for success in the future," Bostock said in the letter. "I have every expectation that under Scott's leadership, working together with the reconstituted board, the company will thrive for many years to come."
The letter further stated that the company was in the midst of a strategic review. Bostock said it had engaged potential investors and reviewed proposals concerning an equity investment in the company. However, no proposals were deemed attractive to shareholders at the moment.
The company had also been in "active discussions" with its Asian partners regarding the possibility of restructuring its assets in Alibaba Group and Yahoo Japan.
Most of Yahoo's directors will be new to the board, all having joined since 2010. The company said the "reconfigured board" with new perspectives and diverse skills would enable the company to move forward more aggressively.