Yahoo! Adds One, Chops Two from Board
Dec 13th 2012 2:55PM
Updated Dec 14th 2012 7:00AM
Yahoo! Inc. (NASDAQ: YHOO) today announced the appointment of Max Levchin to its board of directors, effective immediately. Two other board members, David Kenny and Brad Smith, are leaving the board, also immediately. Yahoo's board will now have eleven members.
Levchi, a co-founder of PayPal that is now owned by eBay Inc. (NASDAQ: EBAY), brings his computer science training and background as an entrepreneur and angel investor to Yahoo at a time when the company is making a variety of changes that have boosted the share price to near $20. Yahoo's CEO said of Levchin:
I'm confident that his strong product and technology expertise will be a tremendous asset to Yahoo! as we work to transform the world's daily habits.
Like CEO Marissa Mayer, Levchin is a former employee of Google Inc. (NASDAQ: GOOG). Google acquired Levchin's Stride in 2010.
Yahoo added three directors to its board in March as it waged a proxy fight with activist investor Daniel Loeb.
Filed under: 24/7 Wall St. Wire, Corporate Governance, Internet, Shareholder Issues Tagged: EBAY, GOOG, YHOO