Four out including chairman Roy Bostock
Yahoo announced the departures of four board members Tuesday including chairman Roy Bostock.
Hewlett Packard executive VP Vyomesh Joshi, radio entrepreneur Arthur Kern and former Walt Disney Co. CFO Gary Wilson are also not seeking re-election. Bostock, a former advertising exec who is currently vice chairman of Delta Air Lines, had been chairman of 2008 and on the board since 2003.
Two independent directors have already been found to fill some of their slots, including former Rovi Corp. CEO Alfred Almoroso and LiveOpps chairman Maynard Webb, Jr.
The mass exit had been expected in the wake of the surprise departure last month of Yahoo co-founder Jerry Yang. The company’s leadership has been in a state of flux since Scott Thompson stepped into the CEO role in January after the ouster of Carol Bartz last year.
In a letter to shareholders, Bostock explained the influx of new blood as a necessary measure as part of a broader “strategic review” to rejuvenate Yahoo.
“These actions result from a process I initiated about six months ago in a special meeting of the independent directors in which we analyzed the reasons why Yahoo was not meeting either our own expectations or those of our shareholders,” he wrote.
The letter also indicates the company is exploring a restructuring of its highly valued Asian assets including Alibaba, but no course of action has been set.