In an open letter to shareholders, Bostock explained that he will not be standing for re-election at the firm's next shareholders meeting. Fellow directors Vyomesh Joshi, Arthur Kern and Gary Wilson will also be stepping down, he added.
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Bostock's departure is part of a changing of the guard at Yahoo! Last month, the company appointed PayPal President Scott Thompson as its new CEO, ending its four-month search for a new chief. Also, on Jan. 17, Jerry Yang, co-founder of Yahoo!, resigned from the board and all other positions with the company. "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," Bostock said, in his letter.The Yahoo! chairman also explained that former Rovi(ROVI) CEO Alfred Amoroso has been elected to the company's board, along with LiveOps chairman and former eBay(EBAY) COO Maynard Webb."The board continues its search for additional independent directors," explained Bostock, noting that the search is being led by director Patti Hart. Media reports that Yahoo! was looking to replace several board members emerged last month, set against a backdrop of pressure from activist investor Daniel Loeb of Third Point.Hedge fund manager Loeb has been very critical of the company, having called out the board of directors, and repeatedly asking for the resignations of Yang and Bostock. Yahoo! shares dipped 3 cents, or 0.19%, to $15.80 in extended trading on Tuesday.Third Point declined to provide comment on this article.-- >To submit a news tip, send an email to: tips@thestreet.com.
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