Struggling Web media company Yahoo! (NASDAQ: YHOO) announced Sunday that the Board of Directors has named Fred Amoroso as chairman of the Board and Ross Levinsohn as interim chief executive officer (CEO), effective immediately.
The company also announced that its Board has reached an agreement with Third Point LLC to settle its pending proxy contest related to the company’s 2012 annual meeting of shareholders.
Amoroso replaces Roy Bostock, who has stepped down from his role as non-executive chairman in order to accelerate the leadership transition for the new Board. Levinsohn replaces Scott Thompson, former CEO, who has left the company.
Under the Board’s settlement agreement with Third Point, three Third Point nominees ‚ÄĒ Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf ‚ÄĒ will join the Yahoo! Board, effective May 16, 2012.
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Yahoo! has been facing tough times. Last month, the company said that 2,000 of its people will be notified of job elimination or phased transition. (Read: Yahoo! to Lay Off 2,000 Workers as a ‚ÄėBold‚Äô Step)
The company has been making some radical corporate changes. Just a few weeks ago, it said that its Board had appointed three new independent directors.
Now, Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Thompson, have decided to step down from the Board immediately.
As a part of the settlement agreement, Third Point, which owns an aggregate of 70,545,400 shares, or 5.8% of Yahoo! common stock, has agreed to withdraw its previous Board nominations for consideration at the annual meeting and vote its shares in support of Yahoo!’s nominees.
Yahoo!’s slate of director nominees for election or re-election at the 2012 annual meeting of stockholders will now include Fred Amoroso, John Hayes, Peter Liguori, Thomas McInerney, Maynard Webb, Sue James, David Kenny, Brad Smith, Daniel S. Loeb, Harry J. Wilson and Michael J. Wolf.
As interim CEO, Levinsohn (pictured above) will manage the company’s day-to-day operations with assistance from Yahoo!’s existing senior leadership team.
Photo courtesy: Yahoo!