The purge of the Yahoo board, which brought the company to the position it is today, has continued with Chairman Roy Bostock and three other directors leaving their keys under the mat and heading for somewhere hot.
According to Reuters, Yahoo is undergoing a major purge of all those who have been running the outfit over the last few years and helped lurch the outfit from disaster to disaster.
It is also busy dealing with its stakes in China’s Alibaba Group and Yahoo Japan which are making shedloads of cash but want to be independent.
The former web powerhouse has run out of lecky lately and is mulling over a range of options to revive flagging growth.
It has appointed former Rovi Corp CEO and Biggish Blue veteran Alfred Amoroso and ex-eBay COO Maynard Webb as independent directors.
Investors are furious that no one seems to come up with a cunning plan to turn Yahoo around, and they are frustrated with the apparent indecisiveness of stakeholders over how to handle its investments in Alibaba.
Bostock told shareholders that he has engaged with potential investors and reviewed proposals concerning an equity investment in the company. But they can’t get any offers that are attractive.
Bostock joined Yahoo’s board in 2003, and along with Yahoo co-founder Jerry Yang, is seen as the reason why the company is failing.
He and Yang turned down a rich acquisition offer by Microsoft Corp in 2008 near the height of Yahoo’s valuation. As it turned out, their refusal saved Microsoft from getting a lot of egg on its face, but did shareholders, nor the company any favours.
The 71 year-old Bostock was also famous for his involvement in the firing of Yahoo CEO Carol Bartz over the phone in September.
Bostock will remain chairman until the company’s annual meeting, expected in the next few months.