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Google's Mayer becomes the latest to helm Yahoo
Source: Agencies |
July 17, 2012, Tuesday
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YAHOO Inc picked Google Inc's Marissa Mayer to become its new CEO, turning to an engineer with established Silicon Valley credentials to turn around the struggling former Internet powerhouse.
Mayer, who edged out front-runner and acting Chief Executive Ross Levinsohn, starts today as Yahoo's third CEO in a year. She hopes to stem losses to Google and Facebook Inc - which her high-profile predecessors failed to do.
Her hiring signaled the Internet company is likely to renew its focus on Web technology and products rather than beefing up online content. Mayer, who was instrumental in the birth of a major technological innovation - Google's search engine - joins the exceedingly thin ranks of female Silicon Valley CEOs.
Shares of Yahoo, worth less than half their value during its dotcom heyday, gained 2 percent to US$15.97 in after-hours trading.
"It's a statement on Yahoo's part to go with a product-centric CEO choice. It's a very big commitment on the board's part to pursue a product-centric strategy," venture capitalist Marc Andreessen told the Fortune industry conference in Aspen, Colorado.
Tech companies can be turned around, he said, citing as an example Apple Inc, which had teetered on the brink of bankruptcy before Steve Jobs returned to the company he co-founded. "It's a big job that Marissa is stepping into," Andreessen said.
Mayer, 37, will assume her role today, when the company is scheduled to report its quarterly financial results. Yesterday, she tweeted that she was "incredibly excited" to be embarking on her new role.
Mayer, who edged out front-runner and acting Chief Executive Ross Levinsohn, starts today as Yahoo's third CEO in a year. She hopes to stem losses to Google and Facebook Inc - which her high-profile predecessors failed to do.
Her hiring signaled the Internet company is likely to renew its focus on Web technology and products rather than beefing up online content. Mayer, who was instrumental in the birth of a major technological innovation - Google's search engine - joins the exceedingly thin ranks of female Silicon Valley CEOs.
Shares of Yahoo, worth less than half their value during its dotcom heyday, gained 2 percent to US$15.97 in after-hours trading.
"It's a statement on Yahoo's part to go with a product-centric CEO choice. It's a very big commitment on the board's part to pursue a product-centric strategy," venture capitalist Marc Andreessen told the Fortune industry conference in Aspen, Colorado.
Tech companies can be turned around, he said, citing as an example Apple Inc, which had teetered on the brink of bankruptcy before Steve Jobs returned to the company he co-founded. "It's a big job that Marissa is stepping into," Andreessen said.
Mayer, 37, will assume her role today, when the company is scheduled to report its quarterly financial results. Yesterday, she tweeted that she was "incredibly excited" to be embarking on her new role.
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