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Yahoo Chairman Resigns

Fred Amoroso has resigned his post as chairman of the board of directors of Yahoo and the company has announced that he will not seek reelection to the board of directors in June.

Maynard Webb Jr. has been selected to serve as interim chairman.

Amoroso will continue to serve on the board until the shareholders meeting on June 25.

"Fred has been a wonderful chairman for Yahoo over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo CEO," said Yahoo CEO Marissa Mayer in a statement. "Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo."

Amoroso explained in a statement that when he took the position of chairman he had planned "to serve for one year, in order to help Yahoo during a critical time of transformation. In that time, Yahoo hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. 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."