* Brad Smith, David Kenny resign from Yahoo board
* Max Levchin appointed to board, effective immediately
* Changes come 5 months after new CEO takes reins
By Alexei Oreskovic
SAN FRANCISCO, Dec 13 Yahoo Inc said on
Thursday that two of its directors have resigned and that PayPal
co-founder Max Levchin has been appointed to its board of
directors, the latest change to the struggling Internet company
under its new chief executive.
The changes come five months after Marissa Mayer, a former
Google Inc executive, took the top job, and they
complete a boardroom transformation that began in May when
activist investor Dan Loeb settled a bitter proxy fight with
With Levchin, Yahoo gets a board member whose Internet
industry bona-fides could help the company improve its image in
Silicon Valley, where competition for technology engineers is
He represents the fourth Yahoo director who Loeb, the head
of hedge fund ThirdPoint LLC, won the right to appoint when he
settled his proxy fight with Yahoo.
Levchin, who was also the first investor of online reviews
site Yelp Inc, where he serves as chairman of the
board, wrote on his personal blog that "a stronger, fast-growing
Yahoo, with its tremendous resources is a massive net-positive
for the Silicon Valley ecosystem, the market in general and the
He also cited sentimental attachment to Yahoo, one of the
first Web companies, and respect for Mayer's "ballsy" decision
to try to revitalize the company as factoring in to his decision
to join the board.
"Max is someone I've admired throughout my career for his
phenomenal sense for great products and keen focus on user
experiences," Mayer said in a statement.
Yahoo said its board now has 11 directors, down from 12. The
changes to the board were effective on Tuesday, a Yahoo
spokeswoman told Reuters.
The two directors stepping down from Yahoo's board are
Intuit Inc Chief Executive Brad Smith and the Weather
Channel's CEO, David Kenny.
An Intuit spokeswoman said that Smith, a board member since
2010, had notified Yahoo that he decided not to stand for
re-election because he wanted to focus on his role leading
Intuit, a tax and financial services software company.
Kenny did not return calls for comment.
Yahoo, one of the Internet industry's Web pioneers, has
undergone a series of changes in recent months as Mayer seeks to
reverse years of declining revenue and move the company past a
tumultuous period that saw several changes in management and
Mayer has moved aggressively to recruit high-profile
technology industry talent as she strives to revitalize a
line-up of Web products criticized for failing to keep up with
trends in mobile computing and social media.
Shares of Yahoo were down 7 cents at $19.31 on Thursday
afternoon on the Nasdaq.
Yahoo's stock has risen roughly 25 percent since Mayer
became CEO in July, reaching the highest level since September
2008 when Yahoo co-founder Jerry Yang was CEO.