BOARD SHAKE-UP AT YAHOO

Max LevchinMax Levchin

Yahoo’s board met yesterday.

It decided to break up with some of its members.

PayPal cofounder Max Levchin has joined.

Weather Channel CEO David Kenny and Intuit CEO Brad Smith are leaving.

Yahoo went through a proxy battle with a hedge fund called Third Point earlier this year.

One of the terms of settlement was that Third Point would get to name some board members.

Third Point started with its own CEO,¬†Dan Loeb, Activate’s Michael Wolf, and Marissa Mayer, Yahoo’s CEO.

Levchin is the final member of that cohort. He’s joining because Loeb, Wolf, and Mayer admire him as a technologist. Wolf sat on Levchin’s board at Levchin’s last company, Slide.

And Levchin is a major backer and chairman of Yelp, a local-reviews site that Mayer was reportedly interested in buying when she was at Google.

We’re told¬†Kenny and Smith are stepping down because their own boards felt they had spent enough time with Yahoo.

The Times first broke this story.

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