Yahoo Chairman says CEO has board's support

By the Associated Press | June 23, 2011 | 11:44 AM EDT

SANTA CLARA, Calif. (AP) — Yahoo Chairman Roy Bostock says he is pleased with the Internet company's turnaround progress and the performance of CEO Carol Bartz.

The remarks made at the start of Yahoo's annual shareholders meeting Thursday appeared aimed at defusing speculation that the company's board might replace Bartz before her four-year contract expires in January 2013.

Bartz has boosted Yahoo's earnings by cutting costs during her first 2 ½ years on the jobs, but so far has been unable to revive the company's revenue growth amid an upturn in Internet advertising. That has caused some analysts to wonder whether Bartz might be replaced.

Bostock, though, used most of his presentation to praise Bartz's strategy and concluded by stressing she and her management team had the support of Yahoo's board.