Sunnyvale, Ca., USA - April 29, 2016, Sunnyvale, Ca., USA - Yahoo! Inc. announced that it has reached an agreement with Starboard Value LP and its affiliates under which four new independent directors joined the board.
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The directors joining the board are: Tor R. Braham, Eddy W. Hartenstein, Richard S. Hill, and Jeffrey C. Smith, Starboard's CEO and Chief Investment Officer.
Additionally, Starboard has withdrawn its director nominees for Yahoo's board as part of the agreement.
Tor R. Braham served as Managing Director and Global Head of Technology Mergers and Acquisitions for Deutsche Bank Securities from 2004 until 2012. During his career, Mr. Braham has been directly involved in negotiating or executing numerous mergers and acquisitions in the technology industry.
Prior to joining Deutsche Bank, Mr. Braham served as Managing Director and Co-Head, West Coast U.S. Technology, Mergers and Acquisitions for Credit Suisse First Boston. Mr. Braham currently serves as a director of Viavi Solutions and Sigma Designs.
Eddy W. Hartenstein is a seasoned media executive with a wealth of executive experience from his time serving as CEO of the Tribune Company, Chairman and CEO of DIRECTV, and Publisher and CEO of the Los Angeles Times Media Group.
Mr. Hartenstein has served as a director of Tribune Publishing Company since August 2014 and was Non-Executive Chairman until January 2016.
Mr. Hartenstein served as the publisher and CEO of the Los Angeles Times Media Group from 2008 to 2014. Mr. Hartenstein currently serves as a director of SanDisk, Sirius XM Holdings, Broadcom Ltd., and Rovi Corporation.
Richard S. Hill is a seasoned senior executive and public company board member who has served as Chairman of Tessera Technologies since 2013, and who previously served as Tessera's interim CEO.
Prior to Tessera, Mr. Hill spent 20 years at Novellus Systems, a semiconductor equipment designer and manufacturer. Mr. Hill currently serves as a director of Tessera, Arrow Electronics, Cabot Microelectronics Corporation, and Autodesk.
Jeffrey C. Smith is a Managing Member, CEO, and Chief Investment Officer of Starboard. Mr. Smith has extensive experience in best-in-class corporate governance practices and significantly improving value at underperforming companies.
Mr. Smith currently serves as a director of Advance Auto Parts and, until earlier this month, served as a director and Chairman of Darden Restaurants. He will also join the Strategic Review Committee.
Two current independent directors, Lee Scott and Sue James, have opted not to stand for reelection at this year's Annual Shareholder Meeting and they relinquished their respective committee responsibilities effective immediately to board members who will be up for reelection to serve another term.
Maynard Webb will continue to serve as Chairman of the Board.
Eric Brandt will chair the Audit and Finance Committee, joined by Tom McInerney and Tor Braham.
Cathy Friedman will chair the Nominating and Corporate Governance Committee, joined by Jane Shaw and Richard Hill.
Tom McInerney will chair the Strategic Review Committee, joined by Jeff Smith and Eric Brandt. ■