Yahoo! Inc.’s board shakeup that led to the departure of Chairman Roy Bostock adds to pressure on the company to sell Asian assets valued at more than $10 billion and reverse the sales slump that’s plagued management since 2008.
Yahoo! Inc., the largest U.S. Web portal, said Fred Amoroso resigned as chairman and won’t seek re-election as a director while the company undergoes a fresh turnaround effort by Chief Executive Officer Marissa Mayer.
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.
Yahoo! Inc.’s board faced renewed shareholder pressure to make changes yesterday amid a breakdown in negotiations to sell its Asian assets, a deal that could generate more than $10 billion for the company.
Yahoo! Inc. shareholder Third Point LLC will nominate four directors to the company’s board because a recent overhaul, including the departure of co-founder Jerry Yang, didn’t go far enough to assuage concerns about the company’s growth prospects.