(Adds statement from Brad Smith.)
By John Letzing
Yahoo Inc. (YHOO) has shaken up its board of directors, adding
Yelp Inc. (YELP) Chairman Max Levchin and parting ways with two
existing directors as the Internet media firm presses ahead with an
ongoing revamp.
Yahoo said in a statement that the appointment of Mr. Levchin, a
co-founder of eBay Inc. (EBAY) payments unit PayPal, is effective
immediately.
In addition to his role at Yelp, where he was the initial
investor, Mr. Levchin has also had a stint as an employee at Google
Inc. (GOOG), the former employer of current Yahoo CEO Marissa
Mayer.
Mr. Levchin had sold his firm Slide, which developed apps for
social networks, to Google in 2010. He is seen bringing ample
experience in the Internet industry to the board at Yahoo, which is
seeking to refresh its sites and services as it competes with
younger rivals such as Facebook Inc. (FB).
Yahoo has recently redesigned its popular email service, and
refreshed its Flickr photo sharing tool.
As Mr. Levchin joins Yahoo's board, it is bidding farewell to
current members David Kenny and Brad Smith.
Mr. Kenny is CEO of The Weather Channel Companies, while Mr.
Smith serves as CEO of tax-preparation software maker Intuit Inc.
(INTU). Mr. Kenny had joined Yahoo's board last year, and Mr. Smith
joined in 2010.
In a statement, Mr. Smith said he "decided to step down so he
could focus on his role leading Intuit along with his ongoing
participation in industry groups and organizations like the CEO
roundtable."
Ms. Mayer, who was tapped as Yahoo's CEO in July, said in her
own statement that, "Both David and Brad played critical roles in
bringing me to Yahoo, so I'm especially grateful for the
opportunity and trust they've placed in me."
Write to John Letzing at john.letzing@dowjones.com
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