Yahoo announced that its CEO, chairman and several board members have been replaced, ending the company’s proxy fight with Third Point and the turmoil over its executive placement procedures.
Ross Levinsohn (pictured) has now assumed the role of interim chief executive officer, replacing Scott Thompson, who Yahoo tersely stated “has left the company” without making reference to the scandal over his academic credentials.
Yahoo further announced significant changes to the board of directors. Fred Amoroso has been named chairman, replacing Roy Bostock, who has “stepped down … to accelerate the leadership transition. Additionally, Yahoo has reached an agreement with Third Point that settles the proxy fight and gives three of the fund’s nominees seats on the board.
Levinsohn and Amoroso’s appointments are effective immediately. Third Point’s nominees Daniel S. Loeb, Harry J. Wilson and Michael J. Wolf will join the Yahoo Board effective May 16. Existing board members Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson join Bostock in leaving Yahoo immediately.
A memo was sent to all Yahoo employees, which can be read below.
As a result of the settlement with Third Point, Yahoo’s slate of director nominees for election or re-election at the 2012 annual meeting of stockholders will now include Fred Amoroso, John Hayes, Peter Liguori, Thomas McInerney, Maynard Webb, Sue James, David Kenny, Brad Smith, Daniel S. Loeb, Harry J. Wilson and Michael J. Wolf. Third Point, which owns 5.8 percent of Yahoo common stock, has agreed to vote its shares in support of Yahoo’s nominees.
Jeff Zucker, who previously was a nominee put forward by Third Point, said he was happy to step aside to quickly facilitate a settlement.
Yahoo – press release
Ross Levinsohn – Yahoo bio
New York Times – Meet Yahoo’s Interim Chief, Ross Levinsohn
Associated Press – Yahoo names Levinsohn interim CEO
ReadWriteWeb – Where To Now For Yahoo? Thompson Out, Loeb & Co In
Photo by Flickr user Yahoo Anecdotal, used under Creative Commons license