Yahoo Chair to step down as review continues

Reuters News
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Posted: Feb 07, 2012 4:33 PM

SAN FRANCISCO - Yahoo Inc Chairman Roy Bostock and three other board directors will step down as the struggling Internet company keeps up discussions on overhauling its prized Asian assets, including stakes in China's Alibaba Group and Yahoo Japan.

The corporation - once a dominant Internet player but now undergoing a strategic review to revive flagging growth - said on Tuesday it had appointed Alfred Amoroso and Maynard Webb independent directors.

Bostock and fellow board members Vyomesh Joshi, Gary Wilson and Arthur Kern will not stand for re-election at the next shareholders' meeting.

"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," Bostock said in a letter to shareholders.

"We are also in active discussions with our partners in Asia regarding the possibility of restructuring our holdings in Alibaba Group and Yahoo Japan. The complexity of unique nature of these transactions is significant."

(Reporting by Alexei Oreskovic and Edwin Chan; Editing by Richard Chang)