Yahoo’s CEO Scott Thompson Steps Down, Board Reshuffles

Posted on May 14 2012 - 4:37am by Editorial Staff

With lots of speculations, rumor mill, truth-false story comes to end, when Yahoo confirmed on Sunday that Ross Levinsohn, Yahoo’s global media chief, is the new interim chief executive. The company’s chief executive Scott Thompson has stepped down and “left the company”. Newly-added director Fred Amoroso is now chairman of the board, replacing Roy Bostock, who upon Thompson’s appointment said he was “precisely the formula we need at Yahoo!”. The news was first reported by AllThingsD, and confirmed by the company a short while later.

As a part of the settlement agreement, Third Point, which owns an aggregate of 70,545,400 shares, or 5.8% of Yahoo common stock, has agreed to withdraw its previous Board nominations for consideration at the annual meeting and vote its shares in support of Yahoo’s nominees. 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.

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