Yahoo Chairman Fred Amoroso Quits

Yahoo said Amoroso will continue to serve on the board through the next shareholders meeting on June 25, but he will not seek reelection.

Maynard Webb, Jr. will serve as interim chairman of Yahoo's board.

In a statement, Amoroso said it was always his intention to serve as chairman for just one year.

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.

Here's the full statement from Yahoo:

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.

"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!."

"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."

Following the completion of Amoroso's term at the annual meeting, the board will comprise 10 members.