Yahoo announced a number of changes in its board structure. Max Levchin, a co-initiator of PayPal will join the board. The tech firm has also announced that two of its important directors, David W. Kenny, CEO of the weather channel and Brad Smith, CEO of Intuit, will be departing from the esteemed board, reported The New York Times.
Max Levchin, a computer scientist, was the Vice President of engineering at Google. Yahoo CEO, Marissa Mayer told CNBC news that Max Levchin would prove to be a great asset to Yahoo. He also serves as the Chairman of Yelp Inc.
"Max is someone I've admired throughout my career for his phenomenal sense for great products and keen focus on user experiences," Mayer said in a statement to CNBC News.
"I'm confident that his strong product and technology expertise will be a tremendous asset to Yahoo! as we work to transform the world's daily habits." she added.
Levchin's introduction comes five months after Marissa Mayer, also an ex-Google executive, took up tenure at Yahoo. The company now has 11 directors from the prior 12, reported Reuters.
"A stronger, fast-growing Yahoo, with its tremendous resources is a massive net-positive for the Silicon Valley ecosystem, the market in general and the U.S. economy," wrote Levchin in his personal blog, reported Reuters.
Reasons for Yahoo's shake up were cited as revitalizing the existing products and bucking up in sectors of mobile apps and social media in which it has not done very well. Mayer is taking aggressive steps to recruit the best talent into Yahoo, reported Reuters.
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