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Yahoo! shakes up its board

Feb. 8, 2012 at 11:43 AM   |   Comments

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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