Reuters: Technology News: Yahoo Chairman Fred Amoroso resigns

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Yahoo Chairman Fred Amoroso resigns Apr 25th 2013, 22:19 Tweet Share this Email Print Related News Google's Internet revenue grew 23 percent in first quarter Thu, Apr 18 2013 Yahoo posts flat first-quarter revenue on declining display ad sales Tue, Apr 16 2013 The Yahoo logo is shown at the company's headquarters in Sunnyvale, California April 16, 2013. Credit: Reuters/Robert Galbraith By Alexei Oreskovic Thu Apr 25, 2013 6:19pm EDT (Reuters) - Yahoo Inc Chairman Fred Amoroso is resigning effective immediately, the struggling Internet company announced on Thursday. Amoroso will be replaced in the chairman role by director Maynard Webb Jr. on an interim basis until the company's annual shareholder meeting on June 25. Amoroso, a former IBM Corp executive, will remain on the board of directors until the meeting, Yahoo said. In a statement on Thursday, Amoroso said he had informed the Yahoo board when he became chairman in May 2012 that he intended to serve only one year "in order to help Yahoo during a critical time of transformation." Since that time, he noted that the company has hired former Google executive Marissa Mayer as its chief executive, revamped its management team and released new products. Shares of Yahoo, which have surged roughly 60 percent since Mayer became CEO, were down 8 cents to $25.12 in afterhours trading on Thursday. Yahoo, once one of the Web's most successful companies, has seen its revenue stall in recent years as consumers and advertisers favor rivals such as Google Inc and Facebook Inc. Following the completion of Amoroso's term at the annual meeting, the Yahoo board will consist of 10 members, the company said. (Reporting by Alexei Oreskovic; Editing by Phil Berlowitz) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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