Yahoo! Inc.

Yahoo! Founder, Jerry Yang, Resigns

January 17, 2012 By Leave a Comment

Yahoo! Inc. (NASDAQ:YHOO) announced the resignation of founder Jerry Yang just a few minutes ago. Yang resigned from its Board of Directors and all other positions in the company today. Yang also resigned from the Board at Alibaba Group Holding Limited today.

Jerry Yang wrote a letter to the Yahoo! Board Chairman, Roy Bostock, stating;

“My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life. However, the time has come for me to pursue other interests outside of Yahoo! As I leave the company I co-founded nearly 17 years ago, I am enthusiastic about the appointment of Scott Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.”

Yahoo! was founded in 1995 by Jerry Yang and David Filo. Yang served as a member of the Board of Directors since the 1995 and served as CEO from June 2007 to January 2009. Yahoo! became a public company in 1996.

Investors welcomed this news in after hours trading as Yahoo! shares rose nearly 4% to $16.02.

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Yahoo Makes Another Change, Names PayPal Exec Scott Thompson CEO

January 4, 2012 By Leave a Comment

Yahoo! Inc. (NASDAQ:YHOO) shares are down this morning, falling 2% to $15.95 per share. Volume is trading fairly heavy as 7.5 million shares have been traded with nearly 6 hours left in the live trading session. News is driving the movement of YHOO; the company announced today they have hired Scott Thompson as the company’s new CEO. Scott Thompson is the President of eBay Inc.’s PayPal Division.

Yahoo! Inc is trying turn around what has been a dismal few years. During the company’s fall from the ranks of Internet titans the company hired Carol Bertz to try and help turn the tide for Yahoo. After a two and a half year campaign she was fired after the company’s patience was beginning to wane. She was replaced by Tim Morse, Yahoo! Inc.’s Chief Financial Officer. With Mr. Morse assigned as the interim CEO the company sought a candidate with a plethora of knowledge and experience in the realm of Internet companies. Mr. Thompson will begin his new job on January 9, 2012 and he previously served as PayPal’s Senior Vice President and Chief Technology Officer.

About Yahoo! Inc.

Yahoo! Inc., together with its subsidiaries, operates as a digital media company that delivers personalized digital content and experiences through various devices worldwide. It offers online properties and services to users; and a range of marketing services to businesses.

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Alibaba Group Looks For $4 Billion To Buy Back Stake Held By Yahoo (YHOO)

December 8, 2011 By Leave a Comment

Chinese e-commerce giant Alibaba Group is looking for financing of $4 billion to help buy back a 40% stake in its company that is currently held by Yahoo! Inc. (NASDAQ:YHOO). Because Alibaba Group is private, there is no public figure on what Yahoo’s stake is worth, though some analysts say it’s worth at least $9 billion.

Alibaba Group, founded by billionaire entrepreneur and former English teacher Jack Ma, declined to comment. Alibaba, which counts a hugely popular business-to-business platform among its services, has long signaled its intention to buy back the Yahoo stake. The privately held Alibaba Group reaches Internet users in more than 240 countries and regions. Alibaba Group, including its affiliated entities, employs more than 25,000 people in some 70 cities in Greater China, India, Japan, Korea, the United Kingdom and the United States.

Blackstone Group and Bain Capital are preparing a bid for all of Yahoo Inc.,with Alibaba Group among its partners for the roughly $25 billion deal. Japan’s Softbank Corp is also part of that consortium.

A source familiar with the matter cautioned on Thursday that the entire situation between the consortium and Yahoo remains fluid, and that no final decision has been made on any move that Alibaba or the other corporates plan to make.

On November 2, 2011, Alibaba Group announced an investment of 1 billion yuan (US$157 million) in its eTao shopping search engine, as part of an effort to turn it into a leading destination for online consumers. ETao works as search engine to find and compare products indexed on the site. It also allows users to search for web pages, forum posts and group buying deals.

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