Yahoo is gaining after the market open today after news on Sunday that CEO Scott Thompson is stepping down.
The internet company said Ross Levinsohn will become interim CEO, one of the number of changes in Yahoo's leadership.
The Chairman of the Board, Roy Bostock, is also being replaced by Fred Amoroso, effective immediately.
This comes as Yahoo creates a settlement agreement with Third Point, a hedge fund that has a 5.8% stake in the internet company. Three employees from Third Point will join the Yahoo board as well, replacing three others who disclosed their intentions to not stand for re-election.
Fred Amoroso, the new Chairman of the Yahoo! Board of Directors said, "The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August. The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward."
Currently, Yahoo is up over 2% to $15.49 in early morning trading.