Yahoo Gets a New CEO

January 13th, 2009 at 12:00 am
 


carol bartz

As promised, Yahoo has found their next CEO, Carol Bartz, former chief executive of Autodesk.

If you recall last year, Microsoft made an offer to buy Yahoo and CEO Jerry Yang declined that offer.  That’s when things started to go really wrong for Yahoo.  To make the long story short,  Yahoo’s stock value fell from about $30 to about $7 a pop in a period of 8 months. After a lot of pressure from the board and finally after all his backup plans failed, Yang decided to call it quits and step down from his post as soon as they found a replacement for him.

Ms. Bartz, 60 years old, will face a number of challenges as she tries to turn around Yahoo’s flagging performance and stock price. Some investors have been lobbying for a break-up of the Internet giant, for instance. Yahoo faces tough competition from Internet rivals such as Google Inc.

Ms. Bartz still serves as executive chairman of Autodesk, of San Rafael, Calif., which she ran as chief executive from 1992 to 2006. Autodesk is around half the size of Yahoo, with approximately 7,000 employees world-wide.

Ms. Bartz was also an executive at Sun Microsystems Inc. and she sits on the board of Cisco Systems Inc., with Mr Yang. She is also a member of the Intel Corp. board with Yahoo President Susan Decker, who was also interviewing for the CEO job. [WSJ]

Basically, Carol Bartz is a veteran in the industry.  However, she like everyone else will be facing challenges of the times at Yahoo.  Nonetheless, it’s a fresh new start for Yahoo and  much is expected from Ms. Bartz.

Yahoo has yet to make the official announcement of Bartz’s appointment.