Former Yahoo Chief Executive Officer Tim Koogle will be leaving the company's board to focus on other business opportunities, Yahoo said Tuesday.
Koogle's departure, scheduled for May 16, 2003, underscores the Internet company's continued transformation as it moves away from its days as a Web portal to a broader Internet business with a range of products and services. Koogle, known to his colleagues as "T.K.," led Yahoo through its IPO and was the company's first CEO.
Advertising veteran Roy J. Bostock will take Koogle's place on the board, leaving Yahoo co-founder Jerry Yang as the last of the company's original leadership.
"The Yahoo story simply cannot be told without T.K." current Yahoo CEO Terry Semel said in a statement Tuesday. Semel, who replaced Koogle after he stepped down two years ago, is a former Hollywood executive who directed the company toward a wider business platform.
In the last two years the company has taken steps to expand its business by adding a variety of premium services, teaming with broadband providers and rolling out enterprise products.
The strategy has apparently worked, allowing the company to post strong profits for the last two financial quarters.