Roy Bostock, Yahoo’s chairman has left the company. He has been Yahoo’s chairman since 2008.
The news was revealed to shareholders by Bostock himself in a long letter describing the recent restrategizing of the company. In the letter Bostock is upbeat about the future of Yahoo as well as the recent moves saying that since the company is in a position to “drive innovation and growth going forward,” he will not attempt re-election at the next meeting of the shareholder.
Bostock also said three other Yahoo directors will not attempt re-election. Yahoo board has selected two new directors, Alfred Amoroso and Maynard Web, Jr. and is presently looking for “additional” directors.
The departure of Bostock has been followed by the appointment of Scott Thompson as the CEO in January who was the former chief technology officer of PayPal. Just after Yahoo hired its new CEO, Jerry Yang, the co-founder of Yahoo left to pursue “other interests.”
Bostock will continue to be chairman till the company’s annual meeting which is expected in next few months.
Investors were impatient with Yahoo’s continuous incapability to result into a turnaround as well as frustrated with stakeholder’s indecisiveness over how to handle the company’s investments in Alibaba as well as the prized assets of Asia.
