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Yahoo Chairman Fred Amoroso steps down

  • Yahoo Chairman Fred Amoroso is to step down from his post with immediate effect, the Internet firm announced on Thursday.

    Amoroso will be replaced by director Maynard Webb Jr. until the company's annual shareholder meeting in June. However, he will remain on the board of directors until the meeting.

    In a statement, Amoroso said he had informed the board that he only intended to serve for a year when he became chairman in May 2012 "in order to help Yahoo during a critical time of transformation."

    Since that time, he added that the company had hired former Google executive Marissa Mayer as its chief executive, changed its management team and launched new products.

    Yahoo, once one of the most successful Web companies, has seen its revenue drop in recent years as consumers and advertisers turn to rivals such as Google and Facebook.