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U.S. markets recover from steep losses
SUNNYVALE, Calif., Feb. 8 (UPI) -- Struggling U.S. Internet giant Yahoo! said four directors, including its chairman, would step aside and that two new board members had been appointed.
Chairman Roy Bostock and board members Gary Wilson, Arthur Kern and Vyomesh Joshi are resigning as the company tries to shake off the embarrassment of turning down a lucrative $44.6 billion unsolicited bid from Microsoft Corp. in 2008.
The company is now worth half as much as that, The Los Angeles Times reported Wednesday. That means every day that stock prices slide, the Yahoo! board looks all the more ridiculous, for waving off a massive deal.
Yahoo! is even having trouble selling Yahoo! Japan and Alibaba Group in China, its two main assets in Asia.
Yahoo! said Alfred Amoroso, who previously ran home entertainment firm Rovi Corp. and Maynard Webb, former chief operating officer at EBay Inc., would join the board.
A replacement for Bostock was not announced.
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