Yahoo set to refresh board, undertakes search

Following the appointment of this week of Scott Thompson as the new CEO of Yahoo, the company is said to be on the lookout for new board members. According to the Wall Street Journal, the Yahoo has hired Heidrick & Struggles International to lead the executive search. The latest shakeup at the top of the embattled Internet giant is apparently the result of some board members having been on the board for a long time, and the recent heavy time commitments required following the firing of former CEO Carol Bartz.

News of the planned clearing of the decks is also likely to please certain disgruntled investors including activist investor Dan Loeb’s Third Point LLC which had declared it may undertake a proxy fight against Yahoo. The Yahoo board had been considered entrenched and at least partly to blame for the company’s inability to respond to the changing Internet and search landscape.

The refresh of Yahoo’s board had reportedly been in the works for some time. Following the ousting of Carol Bart, the board had been meeting every few days as the search for suitable replacement was undertaken and while the company also considered its overall position. It had been said to be considering divesting itself from its Asian ties in Alibaba worth billions of dollars, as well as minority stake sale to private-equity firms.

All nine of Yahoo’s current board are up for re-election in 2012 with nominations currently scheduled to begin Feb. 24, although the timing could be delayed with the current developments set to have some impact on who might actually stand for election.

By Electronista Staff