Yahoo Names Interim CEO
Sunnyvale, Calif. – Yahoo Inc. today announced that the Board of Directors has named Fred Amoroso as Chairman of the Board of Directors and Ross Levinsohn as interim Chief Executive Officer, effective immediately.
The Company 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.
Levinsohn replaces Scott Thompson, who left the Company amid recent allegations of resume fraud.
Under the Board’s settlement agreement with Third Point, the three Third Point nominees – Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf – will join the Yahoo Board, effective May 16, 2012.
As interim CEO, Mr. Levinsohn will manage the Company’s day-to-day operations with assistance from Yahoo!’s existing senior leadership team.
“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.
Third Point’s Daniel Loeb discovered the misstatement of Scott Thompson’s resume and lobbied to have Thompson removed from his post as CEO.