NetGuide NZ - Yahoo chairman resigns

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Yahoo chairman resigns

The man who helped bring Marissa Mayer to Yahoo will not seek re-election to the board of directors.

Chairman Fred Amoroso has resigned from his role, which is set to finish on June 25 at the company's shareholder meeting - Maynard Webb Jr. will serve as interim chairman.

“Fred has been a wonderful chairman for Yahoo over the past year, and I’m personally grateful for his trust and guidance as I took on the role as Yahoo! CEO,” said Marissa Mayer, CEO, Yaho.

“Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo."

But while Amoroso will be remember for his part in luring Mayer from Google, his investigation into previous CEO Scott Thompson may leave the biggest lasting impression.

After being accused of falsifying his qualifications by shareholder group Third Point, Thompson left the company following an internal investigation by Amoroso into the controversy.

“I’m very grateful and proud of the progress Yahoo has made over the past year,” Amoroso said.

“When I took the position as chairman, I told the board that my intention was to serve for one year, in order to help Yahoo! during a critical time of transformation.

"In that time, Yahoo hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products.

"With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago.”

Following the completion of Amoroso’s term at the annual meeting, the board will comprise of only ten members.

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