Yahoo! Inc. (NASDAQ:YHOO) is planning on shaking up its board, according to a report today in DealBook. The report cites an anonymous source who said Yahoo! Inc. (NASDAQ:YHOO) may add former PayPal (a subsidiary of eBay Inc (NASDAQ:EBAY)) executive Max Levchin to the board. Also Intuit Inc. (NASDAQ:INTU) CEO Brad Smith and Weather Channel CEO David W. Kenny are expected to leave Yahoo!’s board, while one of the board’s current members is expected to ascend to the chairman seat in place of Fred Amoroso. So far there is no word yet on who will be the board’s second replacement.
The board shakeup is expected to happen in the next few days, although officials at Yahoo! Inc. (NASDAQ:YHOO) have not responded to requests for information. DealBook said these changes indicate that the search engine giant is pushing further to become a major technology company. Yahoo! managed to steal Marissa Mayer away from Google Inc (NASDAQ:GOOG), and she has set about refreshing many of Yahoo!’s well-known services like Yahoo! Mail and the soon-to-be released new homepage design. All Things D speculates that the shakeup of the company’s board could be a sign that she’s trying to add more Internet savvy executives to the board.
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All of these changes are said to be spearheaded by the well-known hedge fund manager Daniel Loeb, who joined the board earlier this year. Since his joining, there have been numerous shakeups, so this latest round is certainly no surprise to company observers.
In late morning trades, Yahoo!’s stock was trading slightly higher.