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.
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