Report: Yahoo board not focused on finding new CEO for now

After firing Carol Bartz, directors are evaluating whether to sell Yahoo whole or in parts, the Wall Street Journal reports

Days after giving Carol Bartz the pink slip, Yahoo's board of directors is focused on deciding whether the company should be sold, not on finding a new CEO, according to a report on Saturday in The Wall Street Journal.

Before starting a search for Bartz's replacement, Yahoo's board wants to determine whether the correct strategy for the company is to remain independent or be sold whole or in parts, the Journal reported, quoting anonymous sources.

Yahoo has yet to retain an executive search firm, and instead has instructed a board committee to conduct a review into whether Yahoo should be sold or not, according to the article. Allen & Co. and UBS Investment Bank will assist Yahoo with this review, the Journal said.

Since Bartz was fired on Tuesday, other anonymously-sourced reports in various media outlets have speculated that co-founder and former CEO Jerry Yang wants to buy the company and is trying to round up investors to back him up, and that AOL and Yahoo are in talks over a possible merger.

Bartz stepped in as CEO in January 2009 and implemented a major corporate restructuring to make the company more agile, a big technology upgrade for its advertising and publishing systems, and a streamlining of the company's products and services.

However, Bartz came under fire this year for a series of missteps. Early in the year, Bartz acknowledged that the 10-year, wide-ranging search technology and advertising partnership she brokered in 2009 with Microsoft wasn't yielding the expected revenue stream, a problem that persists.

Then, in May, Yahoo got embroiled in a months-long tussle with Alibaba Group, after the latter spun off its online payments unit. Yahoo, which owns 43 percent of Alibaba Group, claimed it wasn't informed about the deal, while Alibaba Group, which manages Yahoo's brand and services in China, said the opposite. The spat was resolved in July.

Bartz also was criticized for an unexpected and significant slowdown in Yahoo's display ad business which started in the second quarter and was expected to continue through the third quarter.

Overall under Bartz, Yahoo didn't experience a financial turnaround. On her last day as CEO, Yahoo's stock price closed at $12.91, slightly up from the $12.10 per share at which it closed on Jan. 13, 2009, her first day as CEO.

CFO Tim Morse has been named interim CEO. Bartz had replaced Yang, who in turn took over from Terry Semel, who served as CEO from 2001 until 2007.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Juan Carlos Perez

IDG News Service
Topics: advertising, business issues, Yahoo, Internet-based applications and services, internet, Mergers and acquisitions, search engines
Comments are now closed.

Latest News Articles

Most Popular Articles

Follow Us

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Resources

Best Deals on GoodGearGuide

Compare & Save

Deals powered by WhistleOut
WhistleOut

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?