Webb, who has served as interim chairman since April and is a former eBay chief operating officer, has been a director at Yahoo since February 2012.
Yahoo, once one of the Webs most successful companies, has seen its revenue stall in recent years as consumers and advertisers favour rivals such as Google and Facebook.
Chief executive Marissa Mayer, a former Google executive, is about a year into a plan to try to bring viewers and usersand the revenue growth they representback to Yahoo. Maynard Webbs leadership and guidance have been an invaluable part of our board since he joined it in 2012, Yahoo said in a statement on Friday. We are honored that Maynard will continue to serve as chairman of the board. Webb is a longtime Silicon Valley executive. He was also CEO of LiveOps, a provider of cloud contact centre services, from 2006 to 2011.
As part of Mayers push, she has spent more than $1.2 billion to buy at least 20 startups in a shopping spree focused on bringing top engineering talent back to Yahoo.