Yahoo co-founder Yang to replace Semel as CEO
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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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SUNNYVALE, Calif., June 18  /PRNewswire-FirstCall/ -- Yahoo! Inc. , a leading global Internet company, today announced that the Board of Directors has appointed Jerry Yang, Yahoo! co-founder and long-time board member, as Chief Executive Officer.
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Now that CEO Terry Semel's rocky reign is over, founder Jerry Yang will try to fix his baby. But is he the right man for the job?
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SUNNYVALE, Calif. -- Trying to better compete with rivals Google Inc. and Microsoft Corp., Yahoo Inc.'s president announced in a staff memo Wednesday its plans to reorganize the company's leadership.
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San Francisco--At the closing session of the Web 2.0 Conference, Yahoo cofounder and Chief Yahoo Jerry Yang assessed the famous Web portal&#39;s first decade.
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Trying to better compete with rivals Google Inc. and Microsoft Corp., Yahoo Inc.'s president announced in a staff memo Wednesday its plans to reorganize the company's leadership.
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Bleeding market share, managerial talent and investor confidence, Internet giant Yahoo on Monday replaced chief executive Terry Semel with company co-founder Jerry Yang.
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In Yahoo's third-quarter performance call yesterday, investors and analysts heard for the first time the lower-key, back-to-basics approach of co-founder and re-installed CEO Jerry Yang, and newly elevated president Susan Decker. There's evidence their strategy is already working, but the next move involves a carefully calculated approach to attracting customers that goes against the current trend.
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(InfoWorld) - Yahoo Inc. has shaken up its top management ranks once again, as the struggling Internet giant continues tweaking its organizational structure to boost advertising sales, its main source of revenue. In the latest shift, Yahoo President Susan Decker announced in a memo to staff that the company's top sales executive is on his way out and that a new global sales organization has been created. Major management shakeups have become frequent at Yahoo in the past 10 months, as the company urgently tries to compete better, not only against archrival Google Inc. but also against nimble startups, and turn around its generally disappointing financial performance. Two months ago, co-founder Jerry Yang took over as CEO and chairman from Terry Semel, while Decker, former chief financial officer and head of Yahoo's advertiser and publisher group, became president, a drastic change driven by widespread investors' dissatisfaction with the company's direction. In particular, Semel took the fall for Yahoo's inability in recent years to profit as heavily as Google has from search engine-based pay-per-click advertising and for missed opportunities in hot markets like social networking and video sharing, where the company lacks strong services. A week after Semel's demotion to non-executive chairman,Â Yahoo combined its search and display advertising sales teams in the U.S. It was an attempt to extend the company's long-standing, core display advertising client relationships to the pay-per-click business, which generates about 40 percent of the industry's online advertising. Just seven months earlier, in December,Â Semel had rolled out a major reorganization, creating three main business units to focus on Yahoo's key customer segments: consumers, advertisers and publishers. At the time, Semel also announced that Dan Rosensweig, then chief operating officer, would leave the company. That reorganization was preceded by a widely publicized internal memo that was leaked to the media in November and came to be known as the Peanut Butter Manifesto. In the scathing memo, Brad Garlinghouse, Yahoo's senior vice president of communications and communities, called for a major reorganization, saying the company lacked "a focused, cohesive vision" that had made it "reactive" and eager to be "everything to everyone." Since theÂ uproar over the Peanut Butter Manifesto and the ensuing shakeups, Yahoo has seen quite a few changes in its upper management ranks. In addition to Semel's demotion and Rosensweig's departure, also gone are Wenda Harris Millard, who was chief sales officer, and Chief Technology Officer Farzad Nazem. In June, The New York Times reported that, in addition to these executives, at least 17 others at vice president level or higher had left Yahoo since the December reorganization. In the memo she penned on Wednesday, obtained by IDG News Service, Decker acknowledged that "there have been many changes at Yahoo over the last few months, and I know that change is not always easy." However, with the latest moves, she feels that the company now has "the right people in the right positions to focus on the right opportunities." Someone who will not be around much longer is Gregory Coleman, executive vice president of global sales, who, Decker announced, will exit the company in February. The new sales division, called Global Partner Solutions, will be led by Hilary Schneider and deal with all of the company's partners, including advertisers, agencies, resellers, publishers, ad networks and developers. "This new group will be charged with creating, delivering and coordinating global best practices for solutions to all of our partners," Decker wrote. "It will also have direct responsibility for our U.S. sales, marketing and business development efforts, including all ad formats, like search, display, video and mobile; all marketing activities; and all customers, including large enterprises and small businesses." "Global Partner Solutions will be responsible for segmenting the business needs of our partners into actionable groups, understanding the needs of these segments and our ability to meet these needs, developing holistic business strategies to delight and surprise these segments, and executing on these strategies," the memo reads. "This approach will help us achieve faster, smarter decision-making and improved execution in support of better serving our customers." Yahoo didn't immediately return calls seeking comment. Â
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Lloyd Braun, ousted last year as the chairman of ABC Entertainment, will become head of entertainment and media content for Yahoo, the company announced yesterday.
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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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Yahoo Chairman Terry Semel ended his six-year stint as chief executive officer Monday and will hand over the reins to co-founder Jerry Yang in the Internet icon&#39;s latest attempt to regain investor confidence. Semel, 64, will remain chairmain in a non-executive role.
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Terry Semel quits as the chief executive of internet search firm Yahoo and is replaced by co-founder Jerry Yang.
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Terry Semel is stepping down as Yahoo&#39;s non-executive chairman, six months after handing over his CEO title to Jerry Yang.Semel is leaving the board effective immediately, Yahoo announced Thursday. He will be replaced as non-executive chairman by another board member, Roy Bostock, the company said.Semel was chairman and CEO of Yahoo for six years until he was replaced in a management shuffle last June. Yang, one of Yahoo&#39;s co-founders, was made CEO, and Semel was demoted to non-executive chairman.As CEO, Semel helped to build Yahoo&#39;s audience from 170 million to more than 500 million users. But he was also blamed for missteps that allowed Google to build a commanding lead in online search and advertising, prompting last year&#39;s reorganization.&quot;With the Company moving forward under new leadership, I believe this is an appropriate time for me to step down from the board,&quot; Semel said in the statement.He approached the board several months ago about leaving once a replacement could be found, Yahoo said.Bostock has a long history in the advertising industry, &quot;an area that is more important than ever to Yahoo&#39;s business and our long term success,&quot; the company said.On Tuesday&#160;Yahoo reported that net income for its fourth quarter declined&#160;to $206 million, from $269 million a year earlier. It also announced plans to lay off about 1,000 staff.Semel&#39;s departure from the board appears to mark the end of his tenure at Yahoo. Yang thanked him for &quot;his many contributions to Yahoo over the years&#160;-- and for helping to lay a firm foundation for future success and improved financial performance.&#8221;Bostock has been a board member at Yahoo since May 2003 and was elected unanimously by the board to replace Semel. From 1990 to 2000 he was chairman and CEO of D&#39;Arcy Masius Benton &amp; Bowles, and its successor advertising company The MacManus Group.
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Terry Semel is stepping aside as Yahoo CEO, with co-founder Jerry Yang set to take over the helm.
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Terry Semel ended his six-year run as Yahoo Inc.'s chief executive officer on Monday, and the company's co-founder Jerry Yang will take over from him, the company said.
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Semel leaves after six years.  SAN FRANCISCO  -- Yahoo Inc. Chairman Terry Semel ended his six-year tenure as CEO Monday and will hand over the reins to co- founder Jerry Yang in the Internet icon's latest attempt to regain investor confidence.   Semel, 64, will remain chairman.