Yahoo chairman forced out in boardroom cull
Wednesday 08 February 2012
The widening boardroom cull at Yahoo last night claimed the company's chairman, Roy Bostock, and three other non-executive directors.
Their resignations are a victory for dissident shareholders, led by hedge fund manager Daniel Loeb, who have been demanding that the faded internet pioneer find new blood and fresh ideas to tackle its strategic drift.
The latest changes follow the sacking of chief executive Carol Bartz last autumn and the exit of Jerry Yang, Yahoo's founder, last month. The company also named two Silicon Valley veterans to the board last night and said it was hunting for more independent directors. After the annual shareholder meeting in June, more than half the board will have been in post for under a year, it said. "This reconfigured board, with a fresh set of perspectives and diverse set of skills, will enable the company to move forward even more aggressively," said Mr Bostock, pictured.
Investors cheered the shake-up because it removes conservative elements that may put a brake on any reforms planned by Yahoo's new chief executive, Scott Thompson.
Last night's statement from Yahoo also suggested it was no longer expecting to sell a minority stake in the company to new investors. Two private equity-led consortiums had made bids, but "at this time there have not been any proposals which have been deemed to be attractive to our shareholders".
The company signalled it would continue to search for ways to unlock value from its stakes in Alibaba of China and Yahoo Japan.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...