Yahoo Chairman to Step Down

Former eBay COO takes over as interim chair

Almost a year after Yahoo appointed Fred Amoroso as chairman, the portal announced on Thursday that he has resigned the position and will step down from the board after his current term ends on June 25. Former eBay COO Maynard Webb Jr., who joined Yahoo’s board in February 2012, will take over as interim chairman.

The news could be painted as a signaling more trouble atop Yahoo—Amoroso took the seat after then-chairman Roy Bostock stepped down at the time of CEO Scott Thompson’s ouster (Ross Levinsohn, CEO of Adweek's parent company Guggenheim Digital Media, replaced Thompson as interim CEO)—but Amoroso said in a statement that he never intended to serve longer than a year and sang the praises of CEO Marissa Mayer whose hiring he oversaw.

"I'm very grateful and proud of the progress Yahoo has made over the past year," said Amoroso. "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."

Said Mayer of the news, “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. Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo.”

Publish date: April 25, 2013 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT