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Video Phones power Samsung to record profits World's first chimeric monkeys are born Anti-malaria drug produced from tobacco plants Follow Reuters Facebook Twitter RSS YouTube Read Huntsman outraged at ad targeting adopted daughters 06 Jan 2012 UPDATE 3-Hot air balloon crash kills 11 in New Zealand 06 Jan 2012 Exclusive: West readies oil plan in case of Iran crisis | 06 Jan 2012 Oddly mild winter leaves much of U.S. on thin ice | 06 Jan 2012 Gingrich blasts Romney on abortion, taxing blind 06 Jan 2012 Discussed 149 Obama to help unveil ”realistic” military plan 131 Iran threatens action if U.S. carrier returns: IRNA 81 With 48 hours left, Romney eyes Iowa breakthrough Watched World's first chimeric monkeys are born Thu, Jan 5 2012 NZ hot air balloon crash kills 11 Fri, Jan 6 2012 Three freight trains collide in Indiana Fri, Jan 6 2012 Yahoo searching for new board members: source Tweet Share this Email Print Related News Yahoo names PayPal's Thompson as CEO Wed, Jan 4 2012 Thompson exit puts focus on PayPal spin-off Wed, Jan 4 2012 Alibaba hires U.S. lobbying firm as it eyes Yahoo Wed, Dec 28 2011 Yahoo to weigh deals for Asian assets: sources Thu, Dec 22 2011 Silver Lake, Microsoft working on new Yahoo stake offer: source Fri, Dec 16 2011 Analysis & Opinion Tech wrap: PayPal darling takes Yahoo reigns M & A wrap: Meet Yahoo’s new CEO Related Topics Tech » Media » A Yahoo billboard is seen in New York's Times Square October 19, 2010. Yahoo Inc will be reporting its quarterly earnings Tuesday. Credit: Reuters/Brendan McDermid By Alexei Oreskovic and Nadia Damouni Fri Jan 6, 2012 6:47pm EST (Reuters) - Yahoo Inc is searching for new members for its board of directors, following its hiring of a new chief executive, according to a person familiar with the matter. The struggling Internet company also disclosed on Friday that new CEO Scott Thompson will receive a compensation package that could be worth as much as $27 million. Yahoo announced on Wednesday that Thompson, the president of eBay online payment division PayPal, would join Yahoo as its new CEO. Thompson replaces Carol Bartz, who was fired from the top job at Yahoo four months ago, as Yahoo began a "strategic review" in which discussions have included the possibility of being sold, taken private or broken up. With Thompson taking the reins, Yahoo will begin looking to replace some of the members of its board of directors, according to the person familiar with the matter. A Yahoo spokeswoman declined to comment on the potential board changes. Asked about potential changes to the composition of Yahoo's board in an interview on Wednesday, Thompson said it was "premature" to make any announcements. "That's something I'll talk about with the board at a future date," he said. Yahoo's board, which includes co-founder Jerry Yang and Chairman Roy Bostock, has come under heavy criticism from several large shareholders, including activist hedge fund Third Point. According to a report in the Wall Street Journal, which first reported the news of Yahoo's plans for its board on Friday, the company has retained executive recruiting firm Heidrick & Struggles International Inc to help with the process. Yahoo director Patti Hart is leading the search, the report said, citing anonymous sources. A Web pioneer in the early 1990s, Yahoo has struggled to maintain its relevance and advertising revenue in the face of competition from rivals Google Inc and Facebook. According to a regulator filing with the Securities and Exchange Commission on Friday, Thompson will receive an annual base salary of $1 million, along with a target annual bonus of 200 percent of base salary. Thompson will also receive an annual equity grant for 2012 with a target value of $11 million, as well as a $5 million "one-time inducement" grant. Thompson's employment agreement also provides for a "make-whole" bonus of $1.5 million in cash and $6.5 million in restricted stock units to compensate for what he left on the table at PayPal. (Reporting by Alexei Oreskovic and Nadia Damouni; Editing by Bernard Orr) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) AlkalineState wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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