Yahoo! board chairman steps down

Yahoo! on Thursday announced that the chairman of the board was stepping down as freshly-minted chief Marissa Mayer forges ahead with an effort to revive the struggling Internet pioneer.

A view of Yahoo! headquarters on July 17, 2012 in Sunnyvale, California. Yahoo! on Thursday announced that the chairman of the board was stepping down as freshly-minted chief Marissa Mayer forges ahead with an effort to revive the struggling Internet pioneer.

Fred Amoroso will not seek reelection to the board of directors at the upcoming 2013 annual meeting of shareholders, Yahoo! said in a release.

Maynard Webb Jr. was appointed to take over as chairman of the board, with Amoroso serving as a member until the shareholder meeting on June 25.

"Fred has been a wonderful chairman for Yahoo! over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo! CEO," said Yahoo! chief executive Mayer.

"Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!."

Mayer took over the helm of Yahoo! in July of last year. Mayer had been a high-ranking executive at Google, which she joined in 1999 as its 20th employee and the first female engineer hired.

Yahoo! has been trying to reinvent itself as a "premier digital media" company since the Internet search service found itself withering in Google's shadow.

At the time of Mayer's hiring, Amoroso touted her as the ideal person for the job of Yahoo! chief.

Amoroso said that he told the board from the outset that he only intended to serve as chairman for a year.

"I'm very grateful and proud of the progress Yahoo! has made over the past year," Amoroso said in a release on Thursday.

"With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago."

After Amoroso leaves, the Yahoo! board will have 10 members.

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