Yahoo CEO pleads for patience
By Michael Liedtke |
March 4, 2010, Thursday
|
Print Edition
Print Edition
YAHOO Inc CEO Carol Bartz says she hopes investors growing impatient for her to turn around the slumping Internet company remember how long it took for Steve Jobs to revive Apple Inc.
In a Tuesday meeting to celebrate Yahoo's 15th anniversary, Bartz reminded reporters that Apple still struggled after Jobs became CEO in 1997. That marked his return to a company he had co-founded two decades earlier.
It wasn't until Jobs unveiled the iPod in late 2001 that Apple's profits and stock price began to soar again. Apple has become even more prosperous in the last few years as the company developed ever-sleeker computers and trendy gadgets, such as the iPhone and the iPad, a computer tablet scheduled to hit the market later this month.
Jobs "knew the DNA (at Apple) better than anyone and it took him four years," Bartz said. "I know people want to see magic things happen (at Yahoo). The magic things happening are deep inside our little system here."
Yahoo's stock has gained nearly 30 percent since Bartz became CEO nearly 14 months ago, even though revenue and earnings have sagged. The shares closed at US$15.73 on Tuesday, down 6 cents.
Yahoo shareholders will be happy if Bartz can push Yahoo's stock price above US$33. That's what Microsoft Corp said it would pay to buy Yahoo in May 2008 only to withdraw the bid after Yahoo balked at the offer.
In a Tuesday meeting to celebrate Yahoo's 15th anniversary, Bartz reminded reporters that Apple still struggled after Jobs became CEO in 1997. That marked his return to a company he had co-founded two decades earlier.
It wasn't until Jobs unveiled the iPod in late 2001 that Apple's profits and stock price began to soar again. Apple has become even more prosperous in the last few years as the company developed ever-sleeker computers and trendy gadgets, such as the iPhone and the iPad, a computer tablet scheduled to hit the market later this month.
Jobs "knew the DNA (at Apple) better than anyone and it took him four years," Bartz said. "I know people want to see magic things happen (at Yahoo). The magic things happening are deep inside our little system here."
Yahoo's stock has gained nearly 30 percent since Bartz became CEO nearly 14 months ago, even though revenue and earnings have sagged. The shares closed at US$15.73 on Tuesday, down 6 cents.
Yahoo shareholders will be happy if Bartz can push Yahoo's stock price above US$33. That's what Microsoft Corp said it would pay to buy Yahoo in May 2008 only to withdraw the bid after Yahoo balked at the offer.
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