Yahoo Chairman Fred Amoroso resigns

The company's chairman of the board of directors will stay on till the June 25 shareholders meeting, but he won't seek reelection.

Yahoo/CNET
Yahoo Chairman Fred Amoroso Rovi Corporation

Fred Amoroso, who became Yahoo chairman at a time of turmoil for the Web pioneer, has resigned his position, the company announced on Thursday.

Amoroso will remain on the board until company's annual shareholders meeting on June 25 but will not seek reelection. Maynard Webb Jr., former CEO of cloud-based call services company LiveOps, has been appointed interim chairman.

"Fred has been a wonderful chairman for Yahoo over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo CEO," Marissa Mayer said in a statement. "Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo."

Amoroso's resignation comes after less than a year in the position. Before joining Yahoo's board of directors in February 2012, he served for six years as the chief executive officer of entertainment metadata analyst Rovi.

"I'm very grateful and proud of the progress Yahoo has made over the past year," Amoroso said in a statement. "When I took the position as chairman, I told the board that my intention was to serve for one year, in order to help Yahoo during a critical time of transformation. In that time, Yahoo hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago."

Amoroso replaced Roy Bostock as Yahoo's chairman of the board amid a shakeup that also saw the resignation of Scott Thompson over a scandal involving a false claim to a computer science degree.

Ross Levinsohn was named to replace Thompson, and Amoroso reportedly told the staff at the time that he wanted Levinsohn to become the company's permanent CEO . Instead, the board opted to go with Marissa Mayer, an early Google employee, as its new chief executive.

Yahoo's stock was largely unchanged in after-hours trading after closing at $25.20, an increase of 45 cents, or 1.8 percent.

 

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