SAN FRANCISCO — Chairman Roy Bostock and three longtime board members of Yahoo! Inc. announced Tuesday they are stepping down, submitting to the demands of many shareholders.
Yahoo's leadership has undergone a drastic makeover during the past month. Scott Thompson, a former PayPal executive, was hired as Yahoo's chief executive officer a few days into the new year. Shortly afterward, Jerry Yang resigned from the board and severed all other ties with the company, which he helped start in 1995.
Many shareholders still blame Mr. Bostock and Mr. Yang for squandering an opportunity to sell Yahoo to Microsoft Corp. in May, 2008, for $47.5 billion, or $33 a share. Yahoo's stock hasn't traded above $20 in nearly 3½ years. The shares closed Tuesday at $15.82, up by a penny.