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Yahoo's chairman resigns ahead of annual meeting

The Yahoo logo is shown at the company's headquarters in Sunnyvale, California in this file photo taken April 16, 2013.
The Yahoo logo is shown at the company's headquarters in Sunnyvale, California in this file photo taken April 16, 2013.ROBERT GALBRAITH / Reuters

Yahoo Chairman Fred Amoroso resigned Thursday and will not seek re-election to the board at the upcoming annual shareholders meeting in June, the company said. Yahoo appointed Maynard Webb Jr., as interim chairman.

"I'm very grateful and proud of the progress Yahoo has made over the past year," Amoroso said in a press release. "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 added, "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."

While Amoroso has stepped down from the chairman role, he will remain on the board through the shareholders meeting on June 25.

Yahoo said the board will be 10 members after the annual meeting.