INTERNET PORTAL Yahoo has announced sweeping changes at the top, including the departure of chairman Roy Bostock.
Bostock announced the changes in a letter to shareholders and explained that they are the result of a push to increase shareholder value.
"These actions result from a process I initiated about six months ago in a special meeting of the independent directors in which we analyzed the reasons why Yahoo was not meeting either our own expectations or those of our shareholders," he said.
"The board decided then to move aggressively on three fronts to position Yahoo for future success."
This included the search for a new CEO and Bostock announced that Scott Thompson, Yahoo's new CEO, will lead the search.
The years have not been kind to Yahoo and much of the letter is about how it is looking to recoup and regrow. Bostock said that Yahoo has held talks with some potential partners and investors but hadn't seen any proposals it liked.
There might be room for manoeuvre in Yahoo's Asian businesses, however, and Bostock added that it might restructure its holdings in the Alibaba Group and Yahoo Japan.
Bostock is of course leaving the board. He said that he, Vyomesh Joshi, Arthur Kern and Gary Wilson will not be standing for re-election at the next shareholders' meeting.
Yahoo also appointed Alfred Amoroso and Maynard Webb, Jr as directors. Webb comes to Yahoo via Gateway and Ebay, and Amoroso from IBM and the Meta Group.
There are some empty executive offices at Yahoo right now, as last month Jerry Yang, former CEO and co-founder resigned. µ