INTERNET PORTAL Yahoo's chairman Fred Amoroso has resigned and will step down from the firm's board on 25 June after deciding not to seek reelection.
Last year Yahoo hired high-profile CEO Marissa Mayer in a bid to shake the company out of its decade-long malaise. Now Amoroso, who has held the position of chairman for a year has resigned and said that he will not seek reelection to Yahoo's board.
Amoroso was a key director in the investigation of former CEO Scott Thompson's CV scandal even though he had joined Yahoo's board only a few months earlier.
Amoroso said that when it took the position of chairman, he only intended to hold it for a year. He said, "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, revitalized the employee base, and has begun to release top notch new products. With Marissa 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."
Not surprisingly Mayer praised Yahoo's outgoing chairman. She said that Amoroso's "mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo".
Although Amoroso's tenure as Yahoo chairman has been short, it has seen significant changes at the firm, and while it is far from turning the corner, things certainly look better for Yahoo now than when Amoroso joined the board last year.
Amoroso has resigned from his position as Yahoo chairman effective immediately, but he will continue to serve on the firm's board until the annual general meeting on 25 June. µ
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