Yahoo Inc. has announced that its board of directors has increased its size from seven to nine directors with the appointment of two new independent directors; Catherine J. Friedman, former Managing Director, Morgan Stanley and Eric K. Brandt, former Chief Financial Officer of Broadcom Corporation, effective March 8, 2016.
With the additions of Cathy and Eric, the board returns to the size it was on December 4, 2015, prior to the resignations of Max Levchin and Charles Schwab.
“Eric and Cathy are both highly respected, experienced practitioners in their fields, and we welcome them to Yahoo’s board of directors,” Maynard Webb, chairman of the board at Yahoo says. “Today we are at an important juncture in Yahoo’s transformation, as we execute on our refined strategy and explore strategic alternatives for the company.”
“Today we are expanding our board of directors with additional expertise to help advance our strategic goals as Yahoo continues its transformation. We are pleased to welcome Eric Brandt and Cathy Friedman to our board,” Marissa Mayer, CEO of Yahoo adds.
“I am honoured to join the board of a company I have observed and admired over the course of my career,” said Brandt. “As the technology landscape continues to change, I am excited to work with the board and management during this important time.”
“I am delighted to have the privilege to serve on the Yahoo board. The opportunity to work with my fellow directors and the Yahoo management team to guide Yahoo into its next chapter is exciting,” said Friedman.
According to Yahoo, Catherine J. Friedman held numerous positions over a 23-year investment banking career with Morgan Stanley, including Managing Director and Head of West Coast Healthcare and Co-Head of the Biotechnology Practice, where she was strategic and transaction advisor to many of the most important companies in the sector. Friedman is a director of XenoPort, Inc., EnteroMedics Inc., GSV Capital Corp., Innoviva, Inc. (formerly Theravance, Inc.), and Radius Health, Inc.
Eric K. Brandt served as the Chief Financial Officer of Broadcom Corporation until its acquisition by Avago in February of this year, the President and Chief Executive Officer of Avanir Pharmaceuticals, and as the Chief Financial Officer of Allergan, Inc. Brandt also served as Vice President and Partner at The Boston Consulting Group. Brandt is a director of Lam Research Corporation and Dentsply Sirona Inc.