Yahoo prepares extensive makeover of its board

Yahoo is preparing for a possible makeover of its board, the Wall Street Journal reported on Saturday. The internet company, which hired PayPal president Scott Thompson as its new CEO last week, is searching for candidates to replace board members who may resign, the newspaper reported. Nine Yahoo directors are up for re-election this year at the company's annual meeting. The Journal said one of the directors might be Yahoo's chairman, Roy Bostock. It said the search is being led by director Patti Hart and that Yahoo also has hired executive search firm Heidrick and Struggles International to assist. The report was based on information from unidentified people who are familiar with the situation. Article continues below Thompson, who was appointed on Wednesday, is the company's fourth chief executive in less than five years. He replaced Silicon Valley veteran Carol Bartz, who was fired four months ago. With Thompson's selection, Yahoo's board is signalling that it believes the company can rebound, despite several years of losing ground to Google and Facebook in product innovation and online advertising. His task will be to revive Yahoo's revenue growth and repair its fractured relationship with investors fed up with a litany of broken turnaround promises. The Journal said the search for new board members intensified after Thompson was appointed and that a number of senior executives have been contacted.