Fred Amoroso, the Chairman of Yahoo's Board of Directors, has resigned his position and will not seek re-election, the erstwhile Internet giant has confirmed in a statement.
Silicon Valley veteran Maynard Webb (pictured, top) will take the reins as interm chairman. Prior to joining Yahoo, he served as COO of eBay and CEO of LiveOps. He also currently sits on the board of Salesforce.com
However, industry insiders say Webb is unlikely to be a permanent fixture and company CEO Marissa Mayer may well use the opportunity to consolidate her power.
Indeed, according to pundits at Business Insider, Amoroso's departure can be attributed to a range of factors, including his role in the failed patent lawsuit against Facebook last year, and his backing of former CEO Ross Levinsohn prior to Mayer's ascension.
Levinsohn staked a claim for the Yahoo throne following the departure of another ex-CEO, Scott Thompson, who stepped down amidst a CV embellishment scandal. But it was the ex-Google gal who ultimately nabbed the prize.
In public, though, the separation is going down amicably, with Amoroso talking up the progress Yahoo has made in the past year and paying tribute to Mayer's stewardship.
"I'm very grateful and proud of the progress Yahoo has made over the past year. 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," he said.
Amoroso continued: "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."
For her part, Mayer praised the "mentorship and perspective" Amoroso brought to the plate during her early days at the helm.
"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. Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo," she commented.