According to a report by the Wall Street Journal, Yahoo is on the hunt for new board candidates to replace “possible outgoing directors”.
Citing sources “familiar with the matter”, WSJ says that Yahoo hired a third-party executive search firm, Heidrick & Struggles, to assist in the search. The search is reportedly aimed at replacing Chairman Roy Bostock and “directors who have been on the board for a long time”.
The news follows the recent appointment of Scott Thompson , the former president of PayPal, as Yahoo’s new CEO. Director Patti Hart, the leader of the search team for potential Yahoo board directors, also headed up the search which led to Thompson’s appointment.
If Yahoo’s looking to get itself out of the rut it’s currently in (to put it mildly), replacing its board members is a fantastic place to start. As Business Insider points out, the current board is responsible for hiring Carol Bartz as CEO, and is also responsible for the 100 days it took to find a new CEO after everyone realized, well, how terrible she was. And that’s just naming but a few of their transgressions.
Yahoo likely has a long way to go before they get out of their current bind, but it’s clear that they’re serious about making the appropriate changes to get themselves back on track, even if it means cutting some (good) fat . They’re off to a good start, at least.
Source: Wall Street Journal
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