Yahoo said it would appoint three new independent directors to its board in April, including an executive from American Express.
With the new additions, plus the departures of four other directors who have said they will step down at Yahoo's (YHOO) annual shareholder meeting this summer, the board will be composed of 10 members who joined since 2010.
In January, Yahoo hired the chief executive of eBay Inc.'s (EBAY) PayPal unit, Scott Thompson, to be its CEO.
The board overhaul has been under way for several months. Company co-founder Jerry Yang left Yahoo's board earlier this year, and two new directors were added, including former eBay executive Maynard Webb.
Yahoo's three new directors are John D. Hayes, an executive at American Express (AXP); Peter Liguori, a former chief operating officer of Discovery Communications (DISCA); and Thomas J. McInerney, outgoing chief financial officer of IAC/InterActiveCorp. (IACI)
Yahoo Chairman Roy Bostock, who is among the outgoing directors, said in a statement, "We have reconstituted the board of directors with the right mix of experience and expertise to help Yahoo build upon its very strong assets and brand base."
On Sunday, Yahoo also said it was unable to reach a compromise with Dan Loeb, whose Third Point hedge fund owns more than 5% of Yahoo.
Mr. Loeb has been agitating for a board overhaul since last fall, and has nominated himself and three others to join the board.
Yahoo said it was willing to bring aboard one of those picks, restructuring expert Harry Wilson, plus a different candidate that would be mutually acceptable to both Mr. Loeb and Yahoo, but Mr. Loeb rejected the idea.
Mr. Loeb's fund said in a statement Sunday that it was disappointed by Yahoo's moves and that it intends to continue pursuing a proxy fight.