San Francisco, CA, United States (4E) – Yahoo Inc., the largest online portal in the U.S., announced the appointment of Yelp Inc. Chairman Max Levchin to its board, a move by Chief Executive Officer Marissa Mayer to restore management stability and put the company back in the path of revenue growth.
In a statement, Yahoo said that the appointment of Levchin, who is also a co-founder of PayPal, will be effective immediately.
Mayer is the fifth Yahoo CEO in four years and she is trying to bring credibility back to the company after a series of management changes and declining advertising revenues, as users migrated to rivals Facebook and Google. Data tracker EMarketer Inc. estimates that Yahoo’s U.S. sales from display ads will be down by 9.3 per cent this year.
Levchin, who was also an initial investor at Yelp, also served as an employee at Google, Mayer’s former employer.
As Yahoo welcomes Levchin, it is also parting ways with two of its current board members, Brad Smith and David Kenny. Smith is the CEO of Intuit Inc., a tax-preparation software maker, while Kenny is the chief executive of The Weather Channel Companies.
In a statement, Mayer said that she admired Levchin for his sense of great products and his focus on user experiences. She adds that Levchin will be a tremendous asset for Yahoo for his strong product and technology expertise.