Yahoo! Inc., a month after hiring Scott Thompson as chief executive officer, added two directors and announced the departure of Chairman Roy Bostock and three others in a board shakeup aimed at spurring a turnaround.
Alfred Amoroso, a former International Business Machines Corp. executive who ran Rovi Corp. until last year, and Maynard Webb, EBay Inc.’s ex-chief operating officer, will join the board, Yahoo said today in a statement. Bostock, Gary Wilson, Arthur Kern and Vyomesh Joshi, meanwhile, won’t stand for re-election as directors.
Yahoo investor Third Point LLC ramped up pressure on the company’s board last September, when the firm increased its stake and reiterated a demand that Bostock step down. Daniel Loeb, CEO of Third Point, said he told Bostock and Yang in a phone conversation that he planned to “pursue whatever efforts were necessary to remove Mr. Bostock from the board,” according to a filing. The dialogue ended when “Bostock terminated the call,” Loeb said.
Bostock’s departure follows that of Yang, who resigned from the board and all other positions at the company last month. Thompson, the new CEO, joins from EBay, where he served as president of the company’s PayPal unit.