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Yahoo appoints Hollywood actress to board

Yahoo nominated six people to its board of directors, including Hollywood actress Jessica Alba, as the company seeks to broaden its offerings in order to compete with larger rivals.

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Yahoo, which was founded in the era of dial-up internet connections on desktop PCs, has been trying to expand its capabilities to compete with Alphabet Inc’s Google and Meta Platforms Inc’s Facebook.

Apollo Global Management Inc bought Verizon Media for USD 5 billion last year and renamed it Yahoo after Verizon’s popular digital brand.

After the deal finalised, Jim Lanzone, the CEO of dating startup Tinder, was chosen as its new CEO. Since then, Yahoo has concentrated on expanding Yahoo Finance and Yahoo Sports, as well as advertising and retail services. Alba, who is also the co-founder of Honest Company, a consumer wellness products company, will be joined by Aryeh Bourkoff, the CEO of LionTree, a bank that has advised some of the largest media mergers, and Fouad ElNaggar, the CEO of IT companies Array and Sapho.

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Michael Kives, the founder of investment firm K5 Global, Katie Stanton, who has worked in executive operating roles at Twitter and Google, and Cynthia Marshall, the CEO of the American basketball team Dallas Mavericks, have all been appointed as directors to Yahoo’s board.