Yahoo! board of directors has appointed Fred Amoroso as chairman of the board of directors and Ross Levinsohn as interim chief executive officer, effective immediately. Amoroso replaces Roy Bostock, who has stepped down from his role as non-executive chairman in order to accelerate the leadership transition for the new board. Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Scott Thompson, have decided to step down from the board immediately. Levinsohn replaces former chief executive officer Thompson, who has left the company. As interim CEO, Levinsohn will manage the company's operations with assistance from Yahoo!'s existing senior leadership team. The company has also signed an agreement with Third Point to settle its pending proxy contest related to the company's 2012 annual meeting of shareholders. Under the board's settlement agreement with Third Point, three Third Point nominees, Daniel S Loeb, Harry J Wilson, and Michael J Wolf will join the Yahoo! board, effective 16 May. As a part of the settlement agreement, Third Point, which owns an aggregate of 5.8 percent of Yahoo! common stock, has agreed to withdraw its previous board nominations for consideration at the annual meeting and vote its shares in support of Yahoo!'s nominees. Yahoo!'s slate of director nominees for election or re-election at the 2012 annual meeting of stockholders will now include Fred Amoroso, John Hayes, Peter Liguori, Thomas McInerney, Maynard Webb, Sue James, David Kenny, Brad Smith, Daniel S Loeb, Harry J Wilson and Michael J Wolf.
