<p><table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static3.businessinsider.com/image/4d2dc54249e2ae6c74130000-400-300/RoviFredAmoroso_4x3.jpg" border="0" alt="Rovi CEO Fred Amoroso" /></div><p class="source">Rovi</p><p class="caption">Fred Amoroso.</p></td></tr></table><keyword id="1745526" type="PERSON" weightage="60" keywordseo="Fred-Amoroso">Fred Amoroso</keyword>, <keyword id="6363100" type="CITY" weightage="60" keywordseo="Yahoo">Yahoo</keyword>'s chairman, has resigned.</p>
<p>Yahoo said Amoroso will continue to serve on the board through the next shareholders meeting on June 25, but he will not seek reelection.</p>
<p>Maynard Webb, Jr. will serve as interim chairman of Yahoo's board.</p>
<p>In a statement, Amoroso said it was always his intention to serve as chairman for just one year.</p>
<p>Amoroso is the former CEO of Rovi corporation and led the investigation against former Yahoo CEO Scott Thompson after it was discovered Thompson listed a college degree on his resume that he didn't actually earn. Thompson eventually left Yahoo and the board hired Marissa Mayer to replace him.</p>
<p>Here's the full statement from Yahoo:</p>
<p style="padding-left: 30px;">Yahoo! Inc. today announced that Fred Amoroso has decided not to seek reelection to the board of directors at the upcoming 2013 annual meeting of shareholders. Amoroso will continue to serve on the board through the shareholders meeting on June 25, but has resigned as chairman of the board. The board has appointed Maynard Webb, Jr. to serve as interim chairman.</p>
<p style="padding-left: 30px;">"Fred has been a wonderful chairman for Yahoo! over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo! CEO," said Yahoo! CEO Marissa Mayer. "Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!."</p>
<p style="padding-left: 30px;">"I'm very grateful and proud of the progress Yahoo! has made over the past year," said Amoroso. "When I took the position as chairman, I told the board that my intention was to serve for one year, in order to help Yahoo! during a critical time of transformation. In that time, Yahoo! hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago."</p>
<p style="padding-left: 30px;">Following the completion of Amoroso's term at the annual meeting, the board will comprise 10 members.</p>

Yahoo Chairman Fred Amoroso Quits

<p><div class="image-container float_right" style="width:350px"><div class="image"><img src="http://static2.businessinsider.com/image/5179b927ecad04957700000c-618-464/marissa-mayer-hand-up-4.jpg?maxX=350" border="0" alt="marissa mayer hand up" width="350" /></div><p class="source">REUTERS/Stephen Lam</p><p class="caption">See ya Fred!</p></div><keyword id="6363100" type="CITY" weightage="60" keywordseo="Yahoo">Yahoo</keyword> just announced that chairman Fred Amoroso will step down in June.</p>
<p><span>We've communicated with three Yahoo sources since the news broke.</span></p>
<p>Given what they told us, we think this is why Amoroso is out:</p>
<ul>
<li><strong>Yahoo CEO Marissa Mayer wasn't his first choice for CEO.</strong><span> The day after Yahoo CEO Scott Thompson was booted from the company, following allegations that he lied on his resume, Amoroso stood up at an all-employee meeting at Yahoo and said that Ross Levinsohn was going to be interim CEO, and that he should be the permanent CEO. Then Yahoo hired Marissa Mayer to be Yahoo's permanent CEO. The minute that happened, the clock started ticking on Amoroso. <strong>Note</strong>: We are not trying to say that Mayer and Amoroso had a bad relationship or that there was animus in this split. It was just a matter of credibility and trust.</span></li>
<li><span><strong>Amoroso was first appointed to the board by Roy Bostock</strong>, the former chairman of Yahoo. Lots of people, including current Yahoo board members, blame Bostock for running a slow-moving board that allowed Yahoo to get into the horrible situation it is now. This board is in the process of being turned over. Amoroso was a Bostock guy, and that meant he was going to be gone eventually.</span></li>
<li><strong>It is widely thought among senior Yahoo executives that Amoroso was the person who convinced Yahoo to enter into a disastrous patent lawsuit against Facebook last year</strong><span>. People at Yahoo think this because Amoroso comes from Rovi, </span><a href="http://news.cnet.com/8301-1023_3-57398457-93/fred-amoroso-is-this-the-man-behind-yahoos-patent-offensive/">which gets a lot of revenue from suing other companies based on patent infringements.</a></li>
<li><strong>Amoroso was only chairman in name, anyway. </strong>As early as last summer, a source close to Yahoo directors told us the one really calling the shots on the board was hedge fund manager Dan Loeb, the guy who led a proxy charge against Yahoo after taking a 5% stake in the company.</li>
</ul>
<div><span>Other details:</span></div>
<div>
<ul>
<li><span>Interim chairman LiveOps CEO Maynard Webb is not likely to become the permanent chairman. Neither is Dan Loeb. If that were going to happen it would have happened by now. Our bet: Mayer gets the nod soon enough.</span></li>
<li><span>There is gossip that Amoroso is stepping down in part due to health problems. Apparently, he has issues with his eyes. We don't buy it. </span></li>
</ul>
</div>

Yahoo's Chairman Is Out Because Marissa Mayer Was Not His First Choice For CEO

<p><div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static3.businessinsider.com/image/520eb581ecad040374000024-399-299/maynard-webb-1.jpg?maxX=480" border="0" alt="Maynard Webb" width="480" /><p class="source"><a href="http://en.wikipedia.org/wiki/File:Maynard_G._Webb.jpg">Wikipedia</a></p><p class="caption">Maynard Webb</p></div></div>SAN FRANCISCO (<keyword id="76338" type="CITY" weightage="60" keywordseo="Reuters">Reuters</keyword>) - <keyword id="6363100" type="CITY" weightage="60" keywordseo="Yahoo">Yahoo</keyword> Inc said it appointed veteran technology executive and Silicon Valley investor Maynard Webb as chairman, replacing Fred Amoroso at the company, which is struggling to jumpstart its advertising business.</p>
<p>Webb, who has served as interim chairman since April and is a former <keyword id="6357395" type="CITY" weightage="60" keywordseo="eBay">eBay</keyword> Inc chief operating officer, has been a director at Yahoo since February 2012.</p>
<p>Yahoo, once one of the Web's most successful companies, has seen its revenue stall in recent years as consumers and advertisers favor rivals such as Google Inc and Facebook Inc.</p>
<p>Chief Executive Marissa Mayer, a former Google executive, is about a year into a plan to try to bring viewers and users - and the revenue growth they represent - back to Yahoo.</p>
<p>"Maynard Webb's leadership and guidance have been an invaluable part of our board since he joined it in 2012," Yahoo said in a statement on Friday.</p>
<p>(Editing by Carol Bishopric)</p>

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