Yahoo! Announces Leadership Reorganization
Board Appoints Timothy Morse Interim CEO
Board Initiates Search for Permanent CEO
SUNNYVALE, Calif.--(BUSINESS WIRE)--
Yahoo! Inc. (NASDAQ: YHOO), the premier digital media company, today
announced a leadership reorganization under which the Board of Directors
has appointed Timothy Morse interim Chief Executive Officer,
effective immediately, replacing Carol Bartz, who has been
removed by the Board from her role as Chief Executive Officer.
The Board has also named key senior Yahoo! executives to a newly formed
Executive Leadership Council tasked with supporting Morse in managing
the Company's day-to-day operations until a permanent chief executive is
appointed, as well as supporting a comprehensive strategic review that
the Board has initiated to position the Company for future growth.
Roy Bostock, Chairman of the Yahoo! Board, said, "The Board sees
enormous growth opportunities on which Yahoo! can capitalize, and our
primary objective is to leverage the Company's leadership and current
business assets and platforms to execute against these opportunities. We
have talented teams and tremendous resources behind them and intend to
return the Company to a path of robust growth and industry-leading
innovation. We are committed to exploring and evaluating possibilities
and opportunities that will put Yahoo! on a trajectory for growth and
innovation and deliver value to shareholders."
Bostock continued, "On behalf of the entire Board, I want to thank Carol
for her service to Yahoo! during a critical time of transition in the
Company's history, and against a very challenging macro-economic
backdrop. I would also like to express the Board's appreciation to Tim
and thank him for accepting this important role. We have great
confidence in his abilities and in those of the other executives who
have been named to the Executive Leadership Council."
In addition to Morse, who will also continue in his role as Chief
Financial Officer of Yahoo!, the Executive Leadership Council will
consist of Michael Callahan, Executive Vice President, General Counsel
and Secretary; Blake Irving, Executive Vice President and Chief Product
Officer; Ross Levinsohn, Executive Vice President, Americas; Rich Riley,
Senior Vice President & MD, EMEA Region; and Rose Tsou, Senior Vice
President, APAC Region. The Co-founders of Yahoo!, David Filo and Jerry
Yang, will each continue as Chief Yahoo and will provide counsel to Tim
and the Executive Leadership Council.
"It is an honor to be selected for this role and lead the Company with
this world-class team of executives. I look forward to working with the
Executive Leadership Council and the talented employees of Yahoo!, and
to partnering with the Board to invest in the organization and continue
to drive its ongoing growth plans," said Tim Morse, Interim Chief
Executive Officer.
The Board is commencing a search for a permanent Chief Executive Officer
and expects to engage the services of a nationally recognized executive
search firm to help it identify candidates for the position as
expeditiously as possible.
About Yahoo!
Yahoo! is the premier digital media company, creating deeply personal
digital experiences that keep more than half a billion people connected
to what matters most to them, across devices and around the globe. And
Yahoo!'s unique combination of Science + Art + Scale connects
advertisers to the consumers who build their businesses. Yahoo! is
headquartered in Sunnyvale, California. For more information, visit the
pressroom (pressroom.yahoo.net)
or the company's blog, Yodel Anecdotal (yodel.yahoo.com).
This press release contains forward-looking statements (including
without limitation the quotations from our Chairman and management)
concerning Yahoo!'s future management, strategic plans, growth
opportunities and performance. Risks and uncertainties may cause actual
results to differ materially from the results predicted. The potential
risks and uncertainties include, among others, the impact of management
and organizational changes; the implementation and results of any
strategic plans as well as Yahoo!'s ongoing strategic and cost
initiatives; Yahoo!'s ability to compete with new or existing
competitors; reduction in spending by, or loss of, advertising
customers; the demand by customers for Yahoo!'s premium services;
interruptions or delays in the provision of Yahoo!'s services; security
breaches; acceptance by users of new products and services; risks
related to joint ventures and the integration of acquisitions; risks
related to Yahoo!'s international operations; failure to manage growth
and diversification; adverse results in litigation, including
intellectual property infringement claims and recent derivative and
class actions related to Alipay; Yahoo!'s ability to protect its
intellectual property and the value of its brands; dependence on key
personnel; dependence on third parties for technology, services,
content, and distribution; general economic conditions and changes in
economic conditions; transition and implementation risks associated with
the Search Agreement with Microsoft Corporation; and risks that the
benefits of the Framework Agreement Yahoo! entered into with Alibaba
Group, Softbank Corporation and certain other parties regarding Alipay
may not be realized. All information set forth in this press release and
its attachments is as of September 6, 2011. Yahoo! does not intend, and
undertakes no duty, to update this information to reflect subsequent
events or circumstances. More information about potential factors that
could affect Yahoo!'s business and financial results is included under
the captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Yahoo!'s Annual Report
on Form 10-K for the fiscal year ended December 31, 2010, and the
Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, which
are on file with the Securities and Exchange Commission ("SEC") and
available at the SEC's website at www.sec.gov.
Yahoo! is the trademark and/or registered trademark of Yahoo! Inc. All
other names are trademarks and/or registered trademarks of their
respective owners.
Media Relations:
Sard Verbinnen & Co
Charles
Sipkins, 310-201-2040
or
Investor Relations:
Yahoo!
Inc.
Marta Nichols, 408-349-3527
Source: Yahoo! Inc.
News Provided by Acquire Media
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