In a letter to shareholders today, Bostock said he and three other Yahoo board members — HP’s Vyomesh Joshi as well as Arthur Kern and Gary Wilson — will not seek re-election at the next shareholders meeting. He also said that former Rovi CEO Alfred Amoroso and LiveOps chairman and former eBay COO Maynard Webb are joining the board, meaning all the directors will have joined since 2010. Yahoo remains on the hunt for more independent directors. The moves are part of initiatives taken to refresh the lagging company. They hired Scott Thompson as CEO to replace the ousted Carol Bartz, who was fired in September. Soon after Thompson arrived, co-founder Jerry Yang resigned from the board. Bostock, who has been chairman since 2008, also addressed the progress of the company’s strategic review to boost value to shareholders — a review that has sparked plenty of speculation over whether Yahoo will put itself up for sale. From the letter:
As part of this review, we have pursued a wide range of discussions with potential partners. 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. 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 and unique nature of these transactions is significant. While we continue to devote significant resources to these discussions, we are not in a position at this time to provide further detail or to provide assurance that any transaction will be achieved.
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