Yahoo! Inc (NASDAQ:YHOO), Fred Amoroso, chairman of the board of stepped down from his position, according to an announcement of from the company on Thursday afternoon. According to a press release from Yahoo! Inc (NASDAQ:YHOO), Amoroso will not seek reelection to the board of directors of the company during its upcoming annual shareholders meeting scheduled on June 25, 2013.
The company said, Amoroso will continue to perform his responsibilities as chairman of the board until the annual meeting. The executive already submitted his resignation. The board of directors appointed Maynard Webb, Jr. to succeed Amoroso as interim chairman.
In a statement, Marissa Mayer, chief executive officer of Yahoo! Inc (NASDAQ:YHOO) said, “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. Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!.”
On the other hand, Amoroso said he is “very grateful and proud” regarding the improvement of Yahoo! Inc (NASDAQ:YHOO) over the year. According to him, when assumed the position as chairman, he already informed the board that he will serve the company for one year. He made it clear that his intention was to help the company during its “critical time of transformation.”
“In that time, Yahoo! hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. 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,” said Amoroso.
The board of Yahoo! Inc (NASDAQ:YHOO) will be comprised of 10 members after the completion of Amoroso’s term as chairman.
Recently, Yahoo! Inc (NASDAQ:YHOO) reported its first quarter earnings results for the current fiscal year. The company posted $0.38 earnings per share and $1.07 billion revenue. Its current financial performance is higher that its results in the same quarter last year of $0.24 earnings per share on $1.1 billion revenue. The search giant beat the consensus estimates of analyst for the first quarter of 2013 at $0.25 earnings per share o $1.1 billion revenue.
The earnings upside was driven by lower than expected tax rate, and stronger than expected contributions from its Asian assets that include stakes in Yahoo Japan and Alibaba Group.