Yahoo loses chairman Roy Bostock in latest shake-up


Yahoo loses chairman Roy Bostock in latest shake-up

Warwick Ashford

Yahoo chairman Roy Bostock is the latest casualty in the leadership shake-up at the beleaguered company as it attempts to turn around its fortunes to regain investor confidence.

The move comes less than a month after Jerry Yang, co-founder and former chief executive of Yahoo, finally cut ties with the company by resigning from its board after 16 years, and just a month after former Paypal head Scott Thompson replaced Carol Bartz as chief executive officer.

Bartz was forced to quit by the Yahoo board in September after failing to turn around the company’s flagging fortunes. Yahoo's share price has hovered around $15 ever since late 2008, after then-CEO Yang rejected an acquisition offer from Microsoft of $33 a share.

In the latest shake-up, Bostock announced that he and three other directors would not stand for re-election. The other board members to leave are Vyomesh Joshi, Gary Wilson and Arthur Kern, according to The Guardian.

Maynard Webb, a former number two at eBay, and Alfred Amoroso, who once served on IBM's top management committee, have been elected to replace them.

In a statement, Bostock said that despite interest from various potential partners, Yahoo had received no proposals that were deemed attractive to shareholders.

The company is also in active discussions to sell its Asian assets, including a stake in Alibaba, the Chinese internet firm that has also been listed among the potential buyers for Yahoo.

After these departures, most of Yahoo's directors will be new to the board this year, and all directors will have joined since 2010.

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