Yahoo said Chairman Fred Amoroso has resigned but will serve on the Web portal’s board until its June annual meeting.
Mr. Amoroso, who was named chairman last May, will be succeeded in the interim by Maynard Webb Jr., the company said. Mr. Webb has been a member of Yahoo’s board since February last year.
Following the completion of Mr. Amoroso’s term at the shareholders’ meeting, the board will comprise 10 members.
In a statement, Mr. Amoroso said he told the board when he took the chairman position that he intended to only serve one year.
Yahoo has been under close scrutiny since Marissa Mayer, a former Google Inc. executive, took over as chief executive in July, as many have watched for her plans to turn around the struggling Internet pioneer.
Last week, Yahoo reported its first-quarter profit rose 36% on the robust performance of China-based e-commerce giant Alibaba Group Holding Ltd., but revenue fell 7% as Yahoo’s core online-advertising business deteriorated.
Shares closed at $25.20 and slipped 0.4% to $25.10 after hours. Through Thursday’s close, the stock is up 63% over the past 12 months.
Source: WSJ
As artificial intelligence (AI) continues to progress exponentially, the future of industries like software engineering…
The average return rate in eCommerce is estimated at 17.6% for 2024. Nearly 1 in 5 products…
The Tech Panda takes a look at recent launches in the superfast field of Artificial…
The tech sector in India has been going from strength to strength in recent years.…
Experts are saying that organizations are inadvertently creating a new identity-centric attack surface through growing…
The Tech Panda takes a look at how India has been attracting foreign businesses from…