The troubled Yahoo, Inc. might be in the process of thinning it's investor and leadership capabilities, as the chief architect, Daniel S. Loeb of hedge fund Third Point LLC, has decided to leave the board, while Media Head Mickie Rosen has decided to submit her resignation according to a memo from CEO Marissa Mayer and COO Henrique De Castro.
The news happened after Tim Parsey, Yahoo's design chief, had also announced leaving the company in May. These recent voids created make many investors worried of the future of the company and the possibility of rebound.
Yahoo's stock market fell 4.3% on Monday in the Nasdaq Stock Market. As of 4 p.m., the stock was priced at $27.86.
Daniel Loeb's resignation from the board will be effective more than a year later on July 31. The other two unnamed board members nominated by the hedge fund will also leave with him at the same time, according to World Street Journal.
An internal memo for Mickie Rosen's resignation has been distributed at Yahoo, Inc. according to AllThingsD. Unlike Loeb and the two other unnamed directors, Rosen will depart this Friday. Yahoo has cited her "tremendous contributions to Yahoo!'s media business over the past 2 1/2 years." An 8-K document with SEC indicates that the soon former media head will receive severance benefits.
An unidentified source has also confirmed that more high position execs will be leaving the company, warning those who own the stocks to be more vigilant what may happen soon. Mickie Rosen had previously reported directly to COO Henrique De Castro.
In addition to replacing the sudden loss of the company's media chief, De Castro also have to find a way to replace the opening for a key Americas advertising job. They had previously attempted to recruit Ned Brody from AOL in April, who was unfortunately not yet able to comply due to an non-competition agreement.
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