has announced that Chairman of the Board Fred Amoroso is resigning. The former IBM executive will remain on the board of directors until the annual shareholder meeting on June 25. The chairman position will be filled by Maynard Webb, Jr. temporarily until a new director is found.
In a statement by Amoroso, he said that the Yahoo board was informed when he became chairman that he was planning a one-year tenure just to help the company during a "critical time of transformation." Under his leadership, the company has hired Marissa Mayer
as chief executive, streamlined operations
, and made some high-profile acquisitions on its way to recovery.