Chairman Roy Bostock steps down from struggling internet giant, Yahoo!

Four board members step down
Since the founding of Google in the September of 1998, Yahoo!, as well as other search engines has been finding it difficult to compete with the internet giant. Now, along with three board members, Vyomesh Joshi, Arthur Kern and Gary Wilson, the current internet giant, Yahoo!’s chairman Roy Bostock has just announced that they will be stepping down from the company’s board.

According to AFP, it has been stated that Mr Bostock had said that he made the decision to not stand for the re-election at the next Yahoo! shareholders meeting, along with the three aforementioned members of the board.

New election for yahoo!
The board has instead, elected two independent directors. The two directors include Alfred Amoroso, the former president and chief executive of Rovi Corp., and Maynard Webb, a former chief operating officer at eBay.

Despite the sudden withdrawal of the four members from the board, Yahoo shares were said to be “virtually unchanged at $15.83 in after-hours trading that followed the release of Mr Bostock’s letter”. The unchanged shares may indicate the shareholders faith in the board regarding future endeavours and investments.

Improvement or no improvement?
Mr Bostock has also released a statement, saying that Yahoo has made “significant progress” with an alleged wide range of potential investors.He however, also stated that despite the positive outlook of the potential investors, there have not been proposals which the board committee of Yahoo had considered to be “attractive”.

Other sources, however, are suggesting that rather than “stepping down”, the members are in fact being “dumped” by the company, further suggesting that Mr Bostock has not in fact been ideal to Yahoo’s shareholder interests. Mr Bostock and the other board members have yet to release a statement on this subject matter.

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