Yahoo will have a completely new board with the departure of four members, including Chairman Roy Bostock. Shareholders had been clamboring for the removal of Bostock and co-founder Jerry Yang as the company floundered after snubbing Microsoft’s 2009 buyout offer. Yang resigned last month, just after the company named Scott Thompson as its new CEO.
Along with Bostock, board members Vyomesh Joshi, Gary Wilson and Arthur Kern also are stepping down. Two new members have been announced: Fred Amoroso, former CEO of Rovi, a digital digital entertainment technology company, and LiveOps Chairman and former CEO Maynard Webb, who was a former COO of eBay. Three more members are yet to be announced. The board also includes Intuit CEO Brad Smith and Weather Channel CEO David Kenny.
The Wall Street Journal attempts to read between the lines of Bostock’s resignation letter, noting that he takes credit for beginning the review process that led to his departure.
The departures are an effort to avoid a possible proxy fight with activist shareholder Daniel Loeb, who has been lining up his own slate of candidates for the next shareholder’s meeting, which has yet to be scheduled.
The board shakeup will put more pressure on the company to sell its Asian assets in an effort to right the ship, according to Bloomberg. It quotes Herman Leung, an analyst at Susquehanna International Group in San Francisco, as saying:
With Jerry gone and now Bostock gone, it’s kind of a changing of regime in its entirety – something needs to happen with the Asian assets. There are no more excuses.