Paypal Co-Founder Joins Yahoo Board In Shake Up

SAN FRANCISCO (CBS/AP) — Yahoo is adding a new director and parting ways with two other board members in the latest shake-up of the Internet company’s hierarchy.

PayPal co-founder Max Levchin joins Yahoo’s board while Intuit CEO Brad Smith and Weather Channel CEO David Kenny step down.

The changes announced Thursday pare Yahoo’s board to 11 directors. All but one of them, former accounting executive Sue James, have joined Yahoo’s board this year.

The overhaul is part of an effort to bring in new ideas as Yahoo tries to revive revenue growth and snap itself out of a malaise that has left its stock price well below where it stood five years ago.

Yahoo hired former Google Inc. executive Marissa Mayer five months ago to orchestrate the turnaround effort.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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