Yahoo Officializes New CEO

January 14th, 2009 at 12:00 am
 


yahoo executives jerry yang carol bartz roy bostock sue decker

As mentioned yesterday, Yahoo has found a replacement for Jerry Yang.  The woman who will have the burden of turning around Yahoo is tech veteran Carol Bartz.  Yahoo officially announces her taking over Yang’s post in a press release.

Carol Bartz has an impeccable track record.  She is 60 years old and has been a tech executive for way long before Yahoo or Google has been around.  Bartz comes from computer assisted design software maker Autodesk.  In her 14 years of service as CEO, she’s managed to increase the company’s profits from less than $300 million to about $1.1 billion.  Moreover, Autodesk’s share value (ADSK) also increased ten-fold under her management.

Roy Bostock, Chairman of the Board of Yahoo, said, "We are very excited to have Carol Bartz leading Yahoo! into its next era of growth. She is the exact combination of seasoned technology executive and savvy leader that the Board was looking for, and we are thrilled to have attracted such a world-class talent to Yahoo!. She is admired in the Valley as well as on Wall Street for her deep management expertise, strong customer orientation, excellent people skills, and firm understanding of the challenges facing our industry. Carol meets all of the criteria we set for the search and is the only person to whom we offered the job. The Board is united in its view that her energetic and decisive leadership style, coupled with a proven track record of driving growth, operational excellence and shareholder value, is exactly what Yahoo! needs to get back on a path toward achieving its full potential." 

Carol Bartz said, "Yahoo! is a powerful global brand with a great collection of assets, strong technology, and enormously talented employees. The Company has accomplished a great deal in its relatively short history and I look forward to working together to take it to the next level. There is no denying that Yahoo! has faced enormous challenges over the last year, but I believe there is now an extraordinary opportunity to create value for our shareholders and new possibilities for our customers, partners and employees. We will seize that opportunity." 

Founder Jerry Yang on the other hand will resume his duties as founder and board member.  After a grueling stint as CEO, which was highlighted by Yahoo’s denial of Microsoft’s buyout proposal, Yang is leaving his CEO post relieved.  Jerry Yang said, "I couldn’t be more pleased with the Board’s choice of Carol Bartz as CEO and look forward to returning to my former role as Chief Yahoo. I believe Carol is the ideal person to take Yahoo! forward and I will be honored to be a resource to assist her in any way she finds helpful. I believe Yahoo!’s best years are still ahead of it. For the past 14 years, I have poured all of my energies into this great company — and I hope to keep contributing to its success for many years to come."

Bartz is now faced with the challenge of bringing glory back to Yahoo.  In a press conference, she denied to answer questions regarding her strategy on how to bring Yahoo back.  Nonetheless she’s keeping her options open, meaning that the possibility of selling Yahoo is still there.

Lastly, Yahoo also announced that their President Sue Decker will be resigning her post after the transitional period.  Decker who was practically running Yahoo was considered for the CEO post.  However after the Yahoo’s tragic stock fall, it was apparent that she would not probably do a better job.  Chairman bostock said, Bostock said, "The Board thanks Sue for her service as President, the important contributions she has made to Yahoo!’s development in a variety of roles over the past 8-1/2 years, and her willingness to work with Carol Bartz to ensure a smooth transition. We respect her decision to move on to other challenges and wish her only the best."