Yahoo Boardroom Shakeup; Chairman and 3 others stepping down
Added On:2/8/2012 9:48:00 AM
In a surprising move, Yahoo Chairman Roy Bostock and three long time board members are stepping down as the struggling company ploughs ahead with an internal overhaul, including discussions on dealing with its stakes in China's Alibaba Group and Yahoo Japan.
The latest shake-up announced is continuing the makeover trend at Yahoo’s leadership during the past month. After Yahoo hired former PayPal executive Scott Thompson as its CEO, last month, Yahoo’s co-founder Jerry Yang resigned from the board. Now Bostock is departing Yahoo after spending four years as Chairman.
However, Bostock will remain chairman until the company's annual meeting, expected in the next few months.
It is reportedly said that many shareholders still blame Yang and Bostock for misusing an opportunity to sell Yahoo to Microsoft Corp. in May 2008 for $47.5 billion.
As a matter of concern, it is found that Yahoo’s stock hasn’t traded above $20 in nearly three and a half years.
Along with the latest mass exodus, Yahoo has also announced the appointment of two new directors: Alfred Amoroso, former CEO of Rovi, and Maynard Webb Jr., a former eBay executive who most recently was CEO of LiveOps.
Analysts added, Yahoo's board has come under fire from frustrated investors as the company fails to affect a turnaround.
Tags: Yahoo, Roy Bostock, Microsoft Corp, Maynard Webb,
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