Yahoo8217;s Roy Bostock,Vyomesh Joshi quit

Yahoo Chairman Roy Bostock and three directors,including Vyomesh Joshi are stepping down.

Yahoo Chairman Roy Bostock and three other directors are quitting from the board of the company,which is struggling in an increasingly competitive online space.

In a letter to shareholders late night,Bostock and three other directors 8212; Vyomesh Joshi,Arthur Kern and Gary Wilson 8212; have volunteered not to stand for re-election to the company8217;s board.

Yahoo has been struggling to compete with Google and Facebook in an increasingly competitive online space.

The shake-up,which follows the resignation of Yahoo co-founder Jerry Yang last month,is the latest step by Yahoo to right itself amid pressure from shareholders. In September,Yahoo8217;s board fired Carol Bartz as she failed to turnaround the struggling internet firm.

Besides,the board has elected two new independent directors,Alfred Amoroso,former president and chief executive of Rovi Corp,and Maynard Webb,a former chief operating officer at eBay.

Bostock further said that the board would continue its search for additional independent directors.

8220;We anticipate announcing additional directors to round out the board as soon as this process concludes,8221; Bostock said in a statement.

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Bostock,who has led the company since 2008 said the move will help speed the company8217;s transformation under new Chief Executive Scott Thompson,the former president of eBay8217;s Pay Pal unit hired by Yahoo last month.

8220;Finally,the board has concluded that in order to accelerate the company8217;s transformation,the combination of a new CEO with an enhanced team of independent directors would provide Yahoo with the expertise and perspectives necessary to drive innovation and growth going forward,8221; he said Besides,Bostock said Yahoo was in 8220;active discussions8221; with its partners in Asia regarding the possibility of restructuring its holdings in Alibaba Group and Yahoo Japan.

8220;8230; we have pursued a wide range of discussions with potential partners. We have engaged with potential investors and reviewed proposals concerning an equity investment in the Company,although at this time there have not been any proposals which have been deemed by the committee to be attractive to our shareholders,8221; he said.

Thus,following this year8217;s annual Meeting a majority of Yahoo8217;s directors will be new to the board this year,and all directors will have joined the board since 2010.