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February 7, 2012

Yahoo chairman and three other directors step down

Roy Bostock put in his papers following pressure from disgruntled investors

By CBR Staff Writer

Yahoo chairman Roy Bostock said that he along with three other directors would step down, as the company is planning an internal shakeup.

Bostock said he would not stand for reelection at the company’s next shareholders’ meeting along with board members Gary Wilson, Arthur Kern and Vyomesh Joshi.

The search engine company is said to be in active discussions with its partners in Asia to restructure its holdings in Alibaba Group and Yahoo Japan.

Meanwhile, the board said it had appointed former Rovi Corp CEO and former IBM employee Alfred Amoroso and ex-eBay COO Maynard Webb as independent directors.

These resignations follow protests from the company’s investors who are irritated with the board’s inability to effect a turnaround in its fortunes.

Bostock said Yahoo had engaged with potential investors and reviewed proposals concerning an equity investment in the company, although at this time there have not been any proposals which have been deemed by the committee to be attractive to its shareholders.

The investors also hold Bostock responsible for the failure of the Microsoft’s bid in 2008 for the company for $44bn.

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