27 February 2009:San Francisco: It hardly took six weeks for U.S. Internet firm Yahoo`s Chief Executive Carol Bartz to diagnose the problem of the ailing company. And her prescription is a management shakeup that will see the Chief Financial Officer Blake Jorgensen being forced out of the company.
The overhaul, as a result, will expand the responsibilities of Yahoo`s chief technology officer, Ari Balogh, and the company`s top advertising executive in the U.S., Hilary Schneider.
Bartz also created two jobs: While Elisa Steele of NetApp will join Yahoo as chief marketing officer on March 23, Joel Jones, a former McKinsey consultant who has been Yahoo`s corporate strategist, will become Bartz`s chief of staff as of Thursday.
With the new changes, Bartz hopes to speed up Yahoo`s decision-making and have a senior team to support her strategy for turning around a company struggling with three years of declining profits.
Although Bartz still hasn`t specified how she intends to get Yahoo back on track, she has left no doubt about her resolve to recapture the Internet pioneer`s glory days.
"I am singularly focused on providing you with awesome products," Bartz wrote in a blog posting addressed to Yahoo`s 500 million worldwide users.
Following the new move, Investors appeared to be betting that Bartz will deliver on her promises. Yahoo shares gained 50 cents, or 4 percent, to close Thursday at $12.98.
Yahoo hired Bartz, 60, last month to replace Yang, who exasperated many investors and employees with his wishy-washy management style. Yang also infuriated stockholders last year by turning down an opportunity to sell Yahoo to rival Microsoft for $47.5 billion, or $33 per share, well above the price of $19.18 just before the software maker announced its initial bid.
Source:
http://siliconindia.com/newsnew/index.php?YDT5C34p86at4co7D5frutvCI4wq47WV+53052
The overhaul, as a result, will expand the responsibilities of Yahoo`s chief technology officer, Ari Balogh, and the company`s top advertising executive in the U.S., Hilary Schneider.
Bartz also created two jobs: While Elisa Steele of NetApp will join Yahoo as chief marketing officer on March 23, Joel Jones, a former McKinsey consultant who has been Yahoo`s corporate strategist, will become Bartz`s chief of staff as of Thursday.
With the new changes, Bartz hopes to speed up Yahoo`s decision-making and have a senior team to support her strategy for turning around a company struggling with three years of declining profits.
Although Bartz still hasn`t specified how she intends to get Yahoo back on track, she has left no doubt about her resolve to recapture the Internet pioneer`s glory days.
"I am singularly focused on providing you with awesome products," Bartz wrote in a blog posting addressed to Yahoo`s 500 million worldwide users.
Following the new move, Investors appeared to be betting that Bartz will deliver on her promises. Yahoo shares gained 50 cents, or 4 percent, to close Thursday at $12.98.
Yahoo hired Bartz, 60, last month to replace Yang, who exasperated many investors and employees with his wishy-washy management style. Yang also infuriated stockholders last year by turning down an opportunity to sell Yahoo to rival Microsoft for $47.5 billion, or $33 per share, well above the price of $19.18 just before the software maker announced its initial bid.
Source:
http://siliconindia.com/newsnew/index.php?YDT5C34p86at4co7D5frutvCI4wq47WV+53052
