Yahoo Confirms Departure of Four Board Members

(NewsCore) - Yahoo Inc. on Tuesday said Chairman Roy Bostock and three other directors are stepping down, in yet another major shake-up at the internet giant.

Yahoo said Bostock, Vyomesh Joshi, Arthur Kern and Gary Wilson will not run for re-election at the company's next shareholder meeting.

The company also announced that the board had elected two new independent directors: Alfred Amoroso and Maynard Webb, Jr.

Amoroso had recently served as CEO of Rovi Corp., while Webb had been chief operating officer of eBay Inc.

In a letter to shareholders, Bostock said the board is looking for additional independent directors. He also reviewed some of the recent major changes at the company's management team, including the naming of a new CEO Scott Thompson and the departure of board member and co-founder Jerry Yang.

In explaining his departure and those of three other directors, Bostock wrote that the board concluded that "the combination of a new chief executive officer with an enhanced team of independent directors would provide Yahoo with the expertise and perspectives necessary to drive innovation and growth going forward."

Bostock said the review of Yahoo's options was ongoing, saying, "We have engaged with potential investors and reviewed proposals concerning an equity investment in the company, although at this time there have not been any proposals which have been deemed by the committee to be attractive to our shareholders."

There has been much speculation that Yahoo may be considering a range of alternatives, including a sale to private equity firms.