Yahoo Director John Hayes Will Step Down From Board This YearBrian Womack
Yahoo! Inc. director John Hayes, who joined the company amid upheaval within the board in 2012, won’t seek re-election at the shareholder meeting in June.
Hayes, who is chief marketing officer at American Express Co., said he was unable to bring the time and focus required to the position, given his duties at the credit-card company, Yahoo said in a statement yesterday. He was one of three directors who joined the board amid a clash with investor Dan Loeb’s Third Point LLC almost two years ago.
“I have made the difficult decision to not seek re-election to the Yahoo Board,” Hayes said in the statement. “I have tremendous confidence in the continued progress and success of Yahoo.”
Yahoo, under a turnaround effort by Chief Executive Officer Marissa Mayer, has long grappled with changes in management and the boardroom. Hayes’s decision comes after Loeb stepped down from the board last year. Loeb, who was instrumental in bringing Mayer to Yahoo, became a director in May 2012 in a shakeup tied to the ouster of former Yahoo CEO Scott Thompson.
“John brought enthusiasm, expertise and energy to the Yahoo board,” Mayer said in a statement. “His insights into how to nurture our brand and implement our strategy have been invaluable.”
Hayes is the chairman of the board’s nominating and corporate governance committee. He will remain in his positions through the annual shareholder meeting. Yahoo didn’t say whether Hayes would be replaced on the board, which now has seven members.