SAN FRANCISCO (AP) - Yahoo is adding a new director and parting ways with two other board members in the latest shake-up of the Internet company’s hierarchy.
The overhaul is part of an effort to bring in new ideas as Yahoo Inc. tries to revive revenue growth and snap itself out of a malaise that has left its stock price well below where it stood five years ago.
After getting rich from PayPal’s $1.5 billion sale to eBay Inc. a decade ago, Levchin started a photo-sharing service called Slide. He added to his wealth by selling Slide to Google for $179 million two years ago.
Levchin is the fourth director recruited by Daniel Loeb, who manages a hedge fund that ranks among Yahoo’s largest shareholders. Loeb uncovered a misstatement on the official biography of Yahoo’s then-CEO, Scott Thompson, that led to Thompson’s departure earlier this year after just four months on the job.
After Thompson had rejected Loeb’s attempts to gain a seat on Yahoo’s board, the company relented and agreed to allow him to nominate up to four people. Besides himself, Loeb picked turnaround specialist Harry Wilson and former MTV executive Michael Wolf before adding Levchin to the list.
Smith joined Yahoo’s board in 2010 and Kenney followed in 2011. Both men participated in the complicated negotiations that culminated three months ago in Yahoo selling half its stake in rapidly growing Chinese Internet company Alibaba Group Holdings, generating a windfall of $7.6 billion, before taxes.
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