According to sources, in order to replace outgoing directors, Yahoo! is in search of new board candidates. Interestingly, the US based Internet firm has hired executive search firm Heidrick and Struggles International to help with this task.
The same source also confirmed that Director Patti Hart is heading the search. Hart also led the search for a new Yahoo! CEO which ended with appointment of Scott Thompson last week. Hart is the head of the board's nominating and corporate governance committee, reports The Australia.
The company is basically looking to replace chairman Roy Bostock and other directors who may step down. Bostock and Yahoo! co-founder Jerry Yang have been facing criticism from shareholders who have complained about the direction of Yahoo! and other issues.
Yahoo! has commented that the strategic review is "designed to enhance shareholder value and promote growth and innovation at Yahoo!."
The time for shareholders to nominated rival directors will begin on February 24th and will continue for a month. All nine directors of Yahoo! are up for re-election this year.