Yahoo! board appoints three new independent directors

27 Mar 2012

Three new independent directors are joining the board of digital media company Yahoo! on 5 April 2012 as the company works to increase shareholder value.

John D Hayes, executive vice-president and chief marketing officer of American Express Company; Peter Liguori, former chief operating officer of Discovery Communications, Inc. and former chairman and president of Entertainment of Fox Broadcasting Network; and Thomas J McInerney, the outgoing chief financial officer of IAC/InterActiveCorp, have been chosen to join Yahoo!’s board of directors based particularly on their individual accomplishments and records of value creation in other positions with specific relevance to Yahoo!’s business and its opportunities, Yahoo! said.

“Each of these individuals impressed the search committee with their demonstrable records of significant accomplishment at the highest levels of media, advertising and marketing, finance, including corporate finance and restructuring, and further insight into customers’ perspectives,” said Patti Hart, chairman of the board’s Nominating and Corporate Governance Committee, which conducted the search process.

“Together, they bring a powerful mix of exactly the right ingredients to fuel Yahoo!’s forward momentum. Having thoroughly reviewed a broad range of highly qualified candidates and sought input from a number of major shareholders, the committee enthusiastically recommended to the full board the appointment of these three excellent directors.”

Yahoo! is in the process of increasing shareholder value, said Roy Bostock, chairman of the board.

With the now-reconstituted board of directors, the company said it now has a well-rounded combination of media, financial, advertising, marketing, operating and technology expertise necessary to build value for Yahoo!’s shareholders.

“The Yahoo! management team is moving with a sense of urgency to reshape and refocus the company on its core strengths, with an emphasis on redeploying resources to the most productive areas and equipping the company to invest in growth and innovation,” the company said.