Yahoo appoints Webb as chairman in Mayer's turnaround drive

By IVCPOST Staff Reporter

Aug 17, 2013 04:48 AM EDT

Yahoo Inc named Maynard Webb as the company's chairman following Fred Amoroso's resignation last April 2013. The position was filled as Marissa Mayer, Chief Executive Officer of Yahoo, continued her turnaround endeavor for the internet corporation.

In February last year, Webb joined Yahoo's board. The board underwent various changes since Mayer was assigned as CEO in July 2012. A month ago, Daniel Loeb, a director and activist venture capitalist, quit from Yahoo's board and sold USD1.16 billion of his shares back to the Sunnyvale, California-headquartered corporation. Harry Wilson and Michael Wolf, Loeb's board allies, also stepped down from the board, leaving Yahoo with only seven directors.

"Maynard Webb's leadership and guidance have been an invaluable part of our board since he joined it in 2012," Yahoo spokeswoman Anne Espiritu said. "We are honored that Maynard will continue to serve as chairman of the board."

As part of Mayer's push to weather several company challenges, she has moved to spend over USD1.2 billion to purchase at least 20 startups. Mayer's shopping spree continued with hiring top engineering talents for Yahoo. 

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