A major shakeup of Yahoo’s board of directors is underway, led by the decision that chairman Roy Bostock and three other board members will not be standing for re-election. Also not returning are Vyomesh Joshi, an executive vice president at HP; and private investors Arthur Kern and Gary Wilson.

In a letter to shareholders, Bostock said this would give CEO Scott Thompson “an enhanced team of independent directors” to “provide Yahoo with the expertise and perspectives necessary to drive innovation and growth going forward.”

Two new independent board members have been elected, while the search continues for others: Alfred Amoroso, who until December was president and CEO of Rovi Corp.; and Maynard Webb Jr., who was CEO of LiveOps Inc. until July 2011 and who remains on that company’s board.

“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,” Bostock wrote.

He also noted that following the annual meeting, a majority of Yahoo’s directors will be new to the board and all directors will have joined the board since 2010. “We believe that this reconfigured board, with a fresh set of perspectives and diverse set of skills, will enable the Company to move forward even more aggressively,” Bostock wrote.

The letter also said that efforts continue to find potential investors, including possible equity investment opportunities, and that Yahoo is in discussions regarding restructuring the company’s holdings in Alibaba Group and Yahoo Japan.

Related links:

Letter from Roy Bostock –

The Independent – Yahoo chairman forced out in boardroom cull

Wall Street Journal – Yahoo Chairman Out in Shake-Up

Bloomberg – Yahoo’s Shakeup Puts Pressure on Directors to Sell Asian Assets

Reuters – Yahoo chairman exits, review drags on

Photo of Roy Bostock by Flickr user Yodel Anecdotal, used under Creative Commons license