Yahoo's boad of directors named Ross Levinsohn as interim CEO and Fred Amoroso as chairman of its board, effective immediately, with previous CEO Scott Thompson to leave the company.
Scott Thompson is stepping down after a controversy
over a fake computer science college degree on his biography.
Yahoo also announced that its board has reached an agreement with Third Point LLC to settle its pending proxy contest related to the Company's 2012 annual meeting of shareholders.
"The board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August. The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo forward," said Fred Amoroso, Chairman of the Yahoo Board of Directors.
Mr. Amoroso continued, "On behalf of the entire Board, I would also like to thank Patti, VJ, Arthur, Gary and, in particular, Roy, for their dedicated long-term service and contributions to the Board and Yahoo."
Under the board's settlement agreement with Third Point, three Third Point nominees ? Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf - will join the Yahoo Board, effective May 16, 2012. Mr. Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Mr. Thompson, have decided to step down from the Board immediately.
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.