Yahoo announced that Chairman of the Board Fred Amoroso will not seek reelection at the upcoming annual shareholders meeting on June 25. He will continue to serve on the board until then.
CEO Marissa Mayer said, “Fred has been a wonderful chairman for Yahoo! over the past year, and I’m personally grateful for his trust and guidance as I took on the role as Yahoo! CEO. Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!.”
Amoroso added, “I’m very grateful and proud of the progress Yahoo! has made over the past year. When I took the position as chairman, I told the board that my intention was to serve for one year, in order to help Yahoo! during a critical time of transformation. In that time, Yahoo! hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago.”
The board will consist of 10 members after Amoroso’s term comes to an end.
Business Insider, having spoken to three Yahoo sources about the situation, says Amoroso is out because Mayer wasn’t his first choice for CEO, he was appointed to the board by Roy Bostock (who has been blamed for “running a slow-moving board”), that it is believed he was the one who convinced the company to enter into the infamous patent lawsuit against Facebook, and that he was “only chairman in name, anyway”.
Meanwhile, Mayer has reportedly joined the board of wireless device maker Jawbone.
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