Internet giant Yahoo!’s chairman of the board Fred Amoroso has resigned from the position and will not seek re-election to the board of directors at the company’s upcoming annual shareholders meeting.
Amoroso will remain on the board until 25 June, the date of the shareholders meeting. He has served as chairman for one year, the term he had initially cited.
“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, revitalised the employee base, and has begun to release top-notch new products,” Amoroso said.
“With Marissa (Mayer) 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.”
The board has appointed Maynard Webb, Jr, to serve as interim chairman.
Mayer, who has been Yahoo!’s CEO since July, said Amoroso has been a wonderful chairman for the company.
“Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!,” Mayer said.
Amoroso said he’s grateful and proud of the progress Yahoo! has made over the past year.
After 25 June, Yahoo’s board of directors will consist of 10 members.