Yahoo! named three independent directors to its board, including former Fox Broadcasting Network Chairman Peter Liguori.
Effective April 5, John D. Hayes the new members will be John D. Hayes, Executive Vice President and Chief Marketing Officer of American Express Company; Peter Liguori, former Chief Operating Officer of Discovery Communications, Inc. and former Chairman and President of Entertainment of Fox Broadcasting Network; and Thomas J. McInerney, the outgoing Chief Financial Officer of IAC/InterActiveCorp.
"Each of these individuals impressed the search committee with their demonstrable records of significant accomplishment at the highest levels of media, advertising and marketing, finance, including corporate finance and restructuring, and further insight into customers' perspectives. Together, they bring a powerful mix of exactly the right ingredients to fuel Yahoo!'s forward momentum. Having thoroughly reviewed a broad range of highly qualified candidates and sought input from a number of major shareholders, the Committee enthusiastically recommended to the full Board the appointment of these three excellent directors," said Patti Hart, chairman of the Board's Nominating and Corporate Governance Committee, which conducted the search process.
Yahoo is trying to turn around declining sales and market-share losses to Google and Facebook.
Yahoo's board believes that the company "needs to move quickly to implement change and improve its performance."
In February, the company added two directors and announced the departure of Chairman Roy Bostock. The company named as board members Alfred Amoroso, a former IBM executive who ran Rovi until last year, and Maynard Webb, EBay's ex-chief operating officer.