) recently nominated three new directors to its board including
its co-founder David Filo. The three will be voted on at the
annual meeting on Jun 25 and with the addition of these three
members the total count of the board of directors will increase
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Filo started Yahoo! with co-founder and Stanford University
classmate Jerry Yang in 1994. He resigned from the position of a
board member in 1996 and is one of Yahoo's largest shareholders.
Filo is contesting to rejoin Yahoo! after 18 long years.
The other nominees are
and Lee Scott. While Schwab is the Chairman of
Charles Schwab Corp.
age firm, Scott is the former chief executive officer (CEO) of
Wal-Mart Stores Inc.
). Yahoo!'s CEO Marissa Mayer is also a member of Wal-Mart's
The Internet company's board has gone through several changes
since Mayer's appointment as the CEO in 2012. Investor Dan Loeb
of Third Point LLC gave up his seat last year. The current change
comes as directors John Hayes, chief marketing officer of
American Express Co.
), and Peter Liguori, Tribune Co. CEO, refused re-election.
Meanwhile, the Internet service provider's former chief operating
officer (COO) Henrique de Castro will receive an exorbitant
severance pay valued at about $58 million. De Castro was
appointed as the COO to revitalize Yahoo's advertising sales, but
was fired in January when he failed to do so. De Castro worked in
Yahoo for 15 months.
Despite the ongoing changes, Yahoo remains focused on its growth.
Re/Code, a tech news, reviews and analysis site, reported that
Mayer is planning to convince
) to make Yahoo! as the default search engine ahead of
). Google search has been the default search engine in iOS and
has supported Safari Web browser used on iPhones and iPads for
quite a long time now.
Mayer is undertaking several steps to revive Yahoo's business,
from updating many of its online products to acquisitions. But
Yahoo! continues to struggle with its advertising business
whereas its competitors such as
), Google, and Twitter Inc are maintaining strong revenue growth.
Yahoo! recently reported first-quarter 2014 earnings of that were
down both sequentially and year over year, but slightly ahead of
the Zacks Consensus Estimate of 29 cents driven by strength in
its Alibaba business.
Yahoo! currently holds a Zacks Rank #3 (Hold).