Former Yahoo Chief Executive Tim Koogle has resigned from the company's board of directors, the latest of many changes since Terry Semel was named CEO two years ago.
Yahoo announced Tuesday that Koogle will be replaced in May by advertising executive Roy Bostock, leaving cofounder Jerry Yang as the only board member who was with the company when it emerged in the mid-1990s and become a Web powerhouse.
The search portal on Tuesday also filed its annual proxy, which covers executive compensation. Semel, a former entertainment studio chief, last year received a 45 percent salary increase and a 200 percent bonus.
Yahoo's board has changed dramatically in the two years since Semel was named CEO in April 2001.
The company added former Walt Disney Company Chief Financial Officer Gary Wilson and Yucaipa Companies founder Ron Burkle in November 2001, increasing the size of the board to nine members.
Former founding investor Michael Moritz resigned earlier this year and was replaced by Robert Kotick, chief executive of Activision. Bostock, who has been nominated to replace Koogle, is chairman emeritus of BCom3 Group. All told, five of the nine board members have joined Yahoo during Semel's reign.
News source: CNET News - Yahoo's Koogle leaving board