Zee Media Bureau
New Delhi: Yahoo Inc has announced that its Chairman Fred Amoroso is resigning effective immediately, a news wire has reported.
Yahoo director Maynard Webb Jr. will replace Amoroso on an interim basis until the company comes up with the new chairman’s name.
Yahoo’s annual shareholder meeting is stipulated for June 25, after which the company is expected to announce the name.
Amoroso, a former IBM Corp executive, will remain on the board of directors until the meeting, Yahoo said.
In a statement on Thursday, Amoroso said he had informed the Yahoo board when he became chairman in May 2012 that he intended to serve only one year "in order to help Yahoo during a critical time of transformation."
Since that time, he noted that the company has hired former Google executive Marissa Mayer as its chief executive, revamped its management team and released new products.
Shares of Yahoo, which have surged roughly 60 percent since Mayer became CEO, were down 8 cents to USD 25.12 in afterhours trading on Thursday.
Yahoo, once one of the Web's most successful companies, has seen its revenue stall in recent years as consumers and advertisers favor rivals such as Google Inc and Facebook Inc.
Following the completion of Amoroso's term at the annual meeting, the Yahoo board will consist of 10 members, the company said.
With Agency Inputs