Yahoo’s Chairman Resigns

Yahoo’s Chairman of its Board of Directors Fred Amoroso has resigned his position and says he will not stand for reelection as a director at its June 25 shareholder meeting.

The board has appointed Maynard Webb, Jr. to serve as interim chairman.

Following the completion of Mr. Amoroso’s term at the shareholders’ meeting, the board will comprise 10 members.

In a statement, Amoroso said his intention from the beginning was to serve as chairman for one year.

“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,” said Yahoo! CEO Marissa Mayer.

“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”,said Amoroso.

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