Levchin Officially Confirmed by Yahoo as Board Member; Kenny and Smith Off Board
Here’s the official news from my earlier report about new Yahoo board member Max Levchin and the departure of two directors, Weather Channel’s CEO and Chairman David Kenny and Brad Smith, CEO of Intuit.
Levchin is the fourth director to be appointed as part of an mutually agreed-upon agreement between Yahoo and Third Point’s Dan Loeb, as part of a settlement of its proxy fight earlier this year.
He’s a well-known Silicon Valley entrepreneur, with stints at PayPal and Slide, a Facebook social apps maker that was sold to Google and later closed down.
Some sources close to the situation maintain that other current board members are also mulling eventual departure and that there will be more director additions, but that is not expected to happen for the next months.
Here’s the official press release: