Yang: Being Yahoo CEO is a 'lonely job'
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Yahoo CEO talks about the changing online advertising market and how culture is vital to Yahoo's future at a conference session.
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Frightened by angry stockholders Yahoo! CEO Terry Semel has resigned in the face of ongoing criticism from stock holders. He will be replaced by Yahoo! co-founder Jerry Yang, with former CFO Susan Decker taking over as president of the company.â¦
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Here's the note Yahoo CEO Jerry Yang sent to his troops Monday morning explaining how Microsoft's bid "substantially undervalues Yahoo."
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Yahoo CEO Jerry Yang told CES that Yahoo's goal for being users' Internet home page is to keep it simple.
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(InfoWorld) - Terry Semel ended his six-year run as Yahoo's CEO on Monday, and the company's co-founder Jerry Yang will take over from him, the company said. Semel has been the focus of intense criticism in the past two years due to Yahoo's inability to capitalize as much as expected on the fast-growing market for search engine advertising. By contrast, Google has enjoyed eye-popping revenue growth and enviable profits almost exclusively from the search advertising market. Last week, at Yahoo's annual shareholder meeting, Semel fielded stinging criticism from shareholders in attendance, leading to tense exchanges at times. Semel resigned from his position as CEO and chairman and will become the role of non-executive chairman and serve as advisor to the management team. Semel became chairman and CEO in May 2001. The board of directors appointed Yang, who cofounded the company 12 years ago, as CEO, and Susan Decker, former executive vice president and head of Advertiser and Publisher Group, as the company's president. In a webcast, Semel said he had told the board that he wanted to step back from his executive role "sooner rather than later" and that he and the board agreed this would be a good time for him to step down as CEO. "I've long been talking to the board about the importance of ensuring a smooth succession to Yahoo's senior leadership," Semel said. Semel expressed full confidence that Yang and Decker are the right people to carry Yahoo "through its multiyear transformation" while acknowledging that the past year has been a difficult one for Yahoo and that no one in Yahoo's management has been satisfied with the company's performance. (More to follow.)
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Yahoo Inc's Jerry Yang will seek on  Monday to demonstrate in his first major speech since taking  over as chief executive in June the inroads the company is  making putting Web services on mobile phones.
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Yahoo Inc. chief Jerry Yang was found wanting on Wednesday by investors who said the company needed to devise a plan to combat weaker advertising growth more quickly than in the 100 days promised by management.
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Yahoo Inc's  Jerry Yang will  seek on Monday to demonstrate in his first major speech since  taking over as chief executive in June the inroads the company  is making putting Web services on mobile phones.
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Yahoo chief executive Jerry Yang sent a message to employees on Wednesday, assuring them the firm's leaders are exploring ways to avoid a takeover by software giant Microsoft.
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(InfoWorld) - Yahoo's net income fell year-over-year in a quarter that sawÂ Yahoo leadership change handsÂ amid criticism that the company failed to capitalize on the explosive growth of the search-engine advertising market. Yahoo also lowered guidance for the third quarter and for 2007 as it reported financial results Tuesday. Revenue excluding traffic acquisition costs for Yahoo's second quarter ended June 30 were $1.244 billion, slightly higher than the $1.242 billion Thomson First Call analysts had estimated. Net income for the quarter was $161 million or $0.11 per share, in line with analyst estimates and slightly lower than the $164 million or $0.11 per share for the same period in 2006. Operating income for the second quarter of 2007 was $185 million, a 19 percent decrease compared to $230 million for the same period of 2006. Cash flow from operating activities for the second quarter of 2007 was $406 million, a 6 percent decrease compared to $430 million for the same period of 2006. Tuesday marks the first time co-founder Jerry Yang faces investors for an earnings period since taking over the CEO position on June 18, when former CEO Terry Semel stepped down. The new CEO is in the position of convincing Wall Street he has what it takes to improve performance at Yahoo, and he took an aggressive stance in a press statement ahead of the company's quarterly conference call. "I am focused on doing everything we need to do to strengthen our business, capture long-term growth opportunities, and create increased value for our shareholders," Yang said, according to the statement. "By sharpening our focus, speeding execution, building our technology and talent, and investing in key growth areas, we can put Yahoo on a clear path to fulfill its potential as an Internet leader." Yahoo also offered new, lowered guidance for its third quarter and year-end results. Wall Street expected $1.304 billion in revenue for the third quarter, but Yahoo said Tuesday that revenue would be in the range of $1.17 billion to 1.31 billion. Third-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) are now expected to be in the range of $380 million to $450 million rather than the $521 million Wall Street is currently expecting. For 2007, Yahoo is now expecting revenue of $4.89 billion to $5.19 billion rather than Wall Street's current guidance of $5.199 billion. EBITDA for 2007 is expected to be in the range of $1.775 billion to $1.955 billion rather than the current guidance of $2.063 billion, according to Yahoo. On a conference call Tuesday, Yang acknowledged he is doing a "top-to-bottom review" of Yahoo's business. "There isÂ a significant gap between where we are and where we need to be," he said, adding that it is with a "great sense of urgency" that he plans to evaluate Yahoo's business so the company can improve financial results quickly. Some areas on which Yahoo will put more emphasis are display advertising, its publisher network, and its online partnerships through its newspaper consortium, said Yahoo President Susan Decker, who was promoted to her current position when Yang took over as CEO. Previously, she was executive vice president and head of the Advertiser and Publisher Group. Yang named cultivating a new employee culture of "teamwork, leadership, and the desire to win" as a key objective in the near term. That initiative would include more hiring and changes in the executive ranks, he said. Another aim is to speed up Yahoo's plan to trim fat and focus on core businesses such as online advertising, as well as to help its customers and advertisers build upon Yahoo's Web-based services platform. The company also has to make decisions faster, executives said. This story was updated on July 17, 2007
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SAN FRANCISCO -- Yahoo Inc. Chairman Terry Semel stepped down as chief executive in a surprise move Monday, ending his increasingly ineffectual pursuit of online search leader Google Inc. _ a losing battle that had demoralized Yahoo's shareholders and employees.
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In a surprise move, Yahoo's board announces co-founder Jerry Yang will replace Terry Semel as CEO of the company. Semel will stay on as non-executive chairman, and former CFO Susan Decker will become president of the company.
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Yahoo Inc.'s Jerry Yang, newly named as chief executive, was found wanting on Wednesday by investors who sought quicker answers on how the Web media company would combat weak advertising growth.
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Yahoo CEO Jerry Yang Monday said Yahoo&#39;s goal for being users&#39; Internet home page is to keep it simple, and his pared-down first-time CES keynote appearance as the company&#39;s top executive reflected that.
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Yahoo Inc. on Monday tapped co-founder Jerry Yang to replace Chief Executive Terry Semel, bowing to investor pressure as the Internet media company has failed to keep up with rival Google Inc..
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Yahoo Inc's Jerry Yang will seek on Monday to demonstrate in his first major speech since taking over as chief executive in June the inroads the company is making putting Web services on mobile phones.
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(InfoWorld) - As if Yahoo didn't have enough trouble already in social networking, a company public relations representative tipped a New York Times reporter by mistake about a new, unannounced service called Yahoo Mash. Recounting the faux pas in a New York Times blog Wednesday, Brad Stone reported that a Yahoo PR representative sent him an e-mail saying he had set up a profile for Stone in Yahoo Mash. After Stone clicked on an e-mail link to visit the profile, he couldn't get past a log-in page. Yahoo representatives later acknowledged to Stone that the service isn't yet open to anyone outside of Yahoo and that the invitation was sent by mistake. They didn't provide him with more details about Yahoo Mash. Considering that the service apparently includes the creation of profiles for individuals, it would be safe to assume it is some sort of social network, an area where Yahoo officials have acknowledged the company is weak. TechCrunch, a technology news site that focuses on the Web 2.0 space, reported in July that Yahoo has been secretly working on a new social-networking project called Mosh. What's not a secret is that the Yahoo 360 social network, introduced in March 2005, has been a disappointment. Several times over the past year, high-ranking Yahoo executives have publicly acknowledged this and indicated the service needs a major overhaul. Yahoo 360 doesn't appear in a top 10 list of social-networking sites in the U.S. released Thursday by Nielsen/NetRatings. That list of the most popular social-networking sites with U.S. users during August, is topped by News Corp.'s MySpace with 60.3 million unique visitors. Facebook, which Yahoo reportedly tried unsuccessfully to buy last year for $1 billion, came in second with 19.2 million unique visitors, a robust 117 percent increase over August of last year, outpacing MySpace's 23 percent growth clip. Yahoo's weak position in social networking is baffling and has been a source of sharp criticism for the company's top managers. They have been blamed for being asleep at the wheel while MySpace, initially as a startup, went on a tear in the social-networking space; for launching a weak product; and also for being unable or unwilling to buy Facebook or another strong competitor. Yahoo does have other, more successful social-media sites like social-bookmarking site Delicious, photo-sharing site Flickr, and question-and-answer search engine Yahoo Answers. However, it is generally agreed that it needs a strong contender in social networking, one of the hottest types of online services in recent years. Yahoo didn't immediately reply to a request for comment.