Trustee Emeritus Roy Bostock, Trinity ’62, will not be running for re-election for his position as Chairman of Yahoo!.
In a letter to Yahoo! shareholders Tuesday, Bostock noted the company’s shifting strategies to improve the company’s success. These measures include the hiring of new CEO Scott Thompson and a comprehensive review of the business by the board of directors.
“The board has concluded that in order to accelerate the Company’s transformation, the combination of a new Chief Executive Officer with an enhanced team of independent directors would provide Yahoo! with the perspectives necessary to drive innovation and growth going forward,” Bostock wrote in the letter to shareholders.
Bostock and his wife Merilee have donated more than $8 million to the University. Their family is the namesake of Bostock Library.
The changes in Yahoo!’s outlook resulted from a meeting six months ago in which the independent directors evaluated why Yahoo! was not meeting shareholders’ expectations.
“It has always been a privilege for me to serve as chairman of Yahoo!,” Bostock wrote. “The employees of Yahoo! remain the heart, soul and future of the company.”
Fellow board members Arthur Kern, Vyomesh Joshi and Gary Wilson will also not seek re-election. The board has since elected Alfred Amoroso, former president and CEO of Rovi, and Maynard Webb, chairman of software company LiveOps, to replace the outgoing members.
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