Terry Semel Leaves Yahoo.
Microsoft Takeover Looms Large as The Panama Project Continues to Implode.
Jerry Yang Returns as Yahoo CEO - Susan Decker Named President.
Yahoo! announced that Terry Semel will resign as CEO and pass the torch back to co-founder Jerry Yang.
Yang an original co-founder of Yahoo will remain on Yahoo's Board. Susan Decker, Yahoo's former head of Advertising has been named President. The changes culminate a dramatic sequence of events at Yahoo as the Panama Project continues to sink the ship taking many senior level managers and executives with it.
The Chief Technology Officer at Yahoo had resigned a couple weeks earlier and Semel just completed annual shareholder meetings that left the majority screaming for his resination.
Yahoo has faced mounting internal and external criticism in recent months as the Panama search project continued to flounder.
Panama has failed to increase revenues and is not helping Yahoo boost its shrinking share of the keyword search pie. Yahoo has reported poor results to date in 2007 with no end to the downward profit trend in sight.
Yang, 38, founded the company in 1994 with David Filo and serves on the board of directors, in addition to holding the title of "Chief Yahoo" overseeing the company's strategy and technological vision.
In a conference call with analysts held Monday afternoon, the company said it is seeing slower growth in display advertising --which include banner ads, website design and videos -- but better-than-expected performance from its recently re-tooled search advertising business.
Proposals opposed by the board that aimed to tie executive pay to competitive performance and challenge the company's human rights policies in China were defeated.
CNBC is reporting that Yahoo may need to explore strategic alternatives. Micorsoft has been knocking on the door for several months looking to join forces and give Google a tougher fight in keyword search.
"Yahoo is in a tough position of weakness so I think there are some people circling around it," Jim Friedland, an Internet analyst with Cowen and Co. "Given the weakness Yahoo has been experiencing, I think now is the time those talks become more real."
However, the analyst noted that forging a strategic deal with the likes of News Corp., Time Warner or Microsoft may not be in Yahoo's best interests.
Addressing such speculation, Jerry Yang said Monday the company's board believes Yahoo should remain independent.
For a full update visit - The Jerry Yang Blog
Some highlights from Jerry include:
Yahoo! has an incredibly bright future and I make this move with deep conviction and enthusiasm. I’ve partnered closely with our executive teams for 12 years to steer our strategy and direction and today I’m ready for this challenge.
Terry has given Yahoo! six of its best years. He delivered great value to our users, advertisers and shareholders. Terry refocused the company on key strategic priorities, and in so doing, helped Yahoo! increase our revenues nearly nine-fold from $717 million in 2001 to $6.4 billion in 2006; boost our operating income from a loss in 2001 to nearly $1 billion last year; and create more than $30 billion in shareholder value during his tenure. He helped grow our audience from 170 million to more than 500 million users globally, and he oversaw the expansion of our base of talented employees from 3,500 to nearly 12,000.
I will always be grateful for the incredible achievements under his leadership — and for his mentorship and friendship. We’ll continue to benefit from his support and guidance as he transitions to his role as our Chairman.
I also couldn’t ask for a better partner in Sue Decker as our new president. In addition to knowing this company inside and out, Sue has incredible talents, leadership abilities, a fierce focus on winning, and intense dedication to this company and its people. I look forward to teaming more closely with her as we pursue our joint vision.
What is the vision of Yahoo?
A Yahoo! that executes with speed, clarity and discipline.
A Yahoo! that increases its focus on differentiating its products and investing in creativity and innovation.
A Yahoo! that better monetizes its audience.
A Yahoo! whose great talent is galvanized to address its challenges.
And a Yahoo! that is better focused on what’s important to its users, customers, and employees.
The past year has obviously not been an easy one for us. But we’ve taken important steps to address the challenges we face, and we’re starting to realize some of the benefits – especially with the successful launch of Panama, which continues to receive positive feedback from advertisers and is exceeding our expectations.
By the way, that’s directly attributable to the operational excellent mentality Terry has instilled and is a clear sign one of his most critical initiatives is succeeding.
We have incredible assets. This company has massive potential, drive, determination and skills, and we won’t be satisfied until the external perception of Yahoo! accurately reflects that reality.
I have absolute conviction about Yahoo!’s potential for long-term success as an Internet leader.
Yahoo! is a company that started with a vision and a dream and, make no mistake, that dream is very much alive.
I’m committed to doing whatever it takes to transform Yahoo! into an even greater success in the future.
The time for me is right.
The time is now.
The Internet is still young, the opportunities ahead are tremendous, and I’m ready to rally our nearly 12,000 Yahoos around the world to help seize the opportunities.
Go Yahoo!
Jerry Yang
CEO and Chief Yahoo
SEO Blog. Organic SEO Blog. Search Marketing News. SEO Done Right examines search engine optimization, the most effective form of internet marketing. Breaking SEO news and emerging developments at Google, Yahoo, and Bing. Leading Organic SEO Consultants Peak Positions debunk the many myths, hype, and spin related to SEO and search marketing.
