Yahoo Board Gets New Blood as Chairman Bostock Steps Down
Yahoo's biggest shareholders and other company naysayers are getting one of the things they've long wanted: fresh blood on the Yahoo board.
In a letter to shareholders today, Roy Bostock, the company's embattled chairman of the board, said that he and three other Yahoo board members, Vyomesh Joshi, Arthur Kern and Gary Wilson, will not seek reelection at the company's next shareholders' meeting.
The board has long been a punching bag for shareholders and corporate-governance types alike for poor decisions -- passing on a sale to Microsoft and the hiring of Carol Bartz as CEO, to name a few -- as well as indecision, highlighted by the four months it took to hire new CEO Scott Thompson following Ms. Bartz's dismissal. Mr. Bostock has been chairman since January of 2008.
Mr. Bostock said in the letter that the company has named two new directors thus far: Alfred Amoroso, the CEO until December of digital-entertainment company Rovi, and Maynard Webb, chairman and former CEO of LiveOps, a maker of call-center software. Mr. Webb is also a former chief operating officer of eBay, where Mr. Thompson previously worked as president of PayPal.
"We believe that this reconfigured board, with a fresh set of perspectives and diverse set of skills, will enable the company to move forward even more aggressively," Mr. Bostock said in the letter.
Mr. Bostock also acknowledged that the company has received bids from outside firms who want to take large equity stakes in the company, but that "at this time there have not been any proposals which have been deemed by the committee to be attractive to our shareholders." As for an update on the company reworking its stakes in Alibaba and Yahoo Japan, Mr. Bostock did not provide much of one other than saying that talks are ongoing. "The complexity and unique nature of these transactions is significant," he said.
The board shakeup and new appointments were first reported by All Things D.