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Yahoo! Chair Bostock Steps Down; Two Directors Named

Confirming a report by AllThingsD’s Kara Swisher earlier today, Yahoo! (YHOO) announced the company’s chairman of the board, Roy Bostock, will not stand for re-election, and said that the company had elected two new independent directors, Alfred Amoroso, formerly head of Rovi, and Maynard Webb, Jr. formerly chairman of software startup LiveOps.

As Bostock put the matter in his note to shareholders this afternoon,

The board has concluded that in order to accelerate the Company’s transformation, the combination of a new Chief Executive Officer with an enhanced team of independent directors would provide Yahoo! with the expertise and perspectives necessary to drive innovation and growth going forward. Therefore, Mr. Joshi, Mr. Kern, Mr. Wilson and I have volunteered not to stand for re-election at the next shareholders’ meeting.

Bostock was referring to departing directors Vyomesh Joshi, Gary Wilson and Arthur Kern.

Bostock said the board was continuing its search for more directors.
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