Yahoo CEO terminates CFO

By SiliconIndia   |   Friday, 27 February 2009, 06:12 Hrs   |    4 Comments
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Yahoo CEO terminates CFO
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.

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