San Francisco: Yahoo! Inc. said it’s appointing Maynard Webb as chairman, as chief executive officer Marissa Mayer continues a turnaround effort of the Internet company.
Webb, who joined Yahoo’s board in February 2012, was serving on an interim basis after Fred Amoroso resigned as chairman in April.
Yahoo’s board has undergone several changes since Mayer became CEO in July 2012. Last month, director and activist investor Daniel Loeb left Yahoo’s board and sold $1.16 billion of his stake back to the Sunnyvale, California-based company, capping an almost two-year effort to revamp the Web portal. Loeb’s board allies, Harry Wilson and Michael Wolf, also stepped down at the time. Those departures leave Yahoo with seven directors.
Maynard Webb’s leadership and guidance have been an invaluable part of our board since he joined it in 2012, said Anne Espiritu, a spokeswoman for Yahoo. We are honored that Maynard will continue to serve as chairman of the board.
Webb is a longtime Silicon Valley executive. He was CEO of LiveOps Inc., a provider of cloud contact center services, from 2006 to 2011, and remains chairman. Prior to his time there, Webb served as the chief operating officer of online marketplace EBay Inc.
Yahoo, which has weathered a series of management and board changes in the past two years, is adding tools and services to help woo users and advertising dollars under Mayer.
As part of the CEO’s push, she has spent more than $1.2 billion to buy at least 20 startups in a shopping spree focused on bringing top engineering talent back to Yahoo.
Earlier this month, Yahoo bought Rockmelt Inc., a developer of Web-browsing software. The company in May also said it agreed to acquire blogging platform Tumblr Inc. for $1.1 billion.
Yahoo rose less than 1% on Friday to close at $27.32. The stock is up 37% so far this year, compared with a 16% increase in the Standard & Poor’s 500 Index. BLOOMBERG