On Monday, Yahoo named longtime Google executive Marissa Mayer as its
fifth CEO in as many years. She'll be the latest person to attempt a
turnaround at the struggling Internet pioneer. Here are some key
developments involving Yahoo Inc. and its performance:
Nov. 17, 2008:
Yahoo Inc. says co-founder Jerry Yang will step down as CEO as soon as a
replacement is found. It ends a rocky reign marked by Yang's refusal to
sell the Internet company to Microsoft Corp. for $47.5 billion, or $33
per share, in May 2008. Yahoo's board had been facing pressure to push
him out as its stock plunged to its lowest levels since early 2003 and
well below Microsoft's last offer price.
Jan. 13, 2009: Yahoo
names technology veteran Carol Bartz as its new chief executive,
bringing in a no-nonsense leader known for developing a clear focus.
26: Yahoo announces a management shake-up. Chief Financial Officer
Blake Jorgensen is pushed out, while Yahoo's chief technology officer
and its top advertising executive in the United States get expanded
April 21: Yahoo announces plans to cut nearly 700 jobs, or about 5 percent of its workforce.
3: At an investors conference, Bartz says a turnaround will take time.
She also plays down talk of turning over Yahoo's search operations to
June 11: Yahoo hires a cost-cutting specialist, Tim Morse, as its new chief financial officer.
25: At a shareholders meeting, Bartz seeks to assure investors that she
will polish Yahoo's tarnished brand and end a three-year financial funk
that has depressed the company's stock.
July 29: Microsoft and
Yahoo announce a 10-year search deal. Yahoo turns over responsibility
for search technology to Microsoft, while Yahoo concentrates on sales of
billboard-style advertising on the Web.
Feb. 18, 2010: Regulators in the U.S. and Europe approve the search partnership.
March 2: In pleading for patience, Bartz points to the years it took Steve Jobs to revive Apple Inc. after his return in 1997.
7: Yahoo rolls out new tools to get people to the information they seek
more quickly, especially when searching about entertainment, sports and
major events. The hope is to distinguish itself from its Internet
search partner, Microsoft, because Yahoo gets a cut of ad revenue when
searches are done on its own site.
Dec. 16: Word leaks of services
that Yahoo is thinking of shutting down, days after it shed 600
employees, or about 4 percent of its workforce.
May 10, 2011:
Yahoo makes a surprise disclosure that Alibaba Group, one of China's
most powerful Internet companies, had spun off its online payment
service, Alipay. The split causes investors to re-evaluate the value of
Yahoo's then-43 percent stake in Alibaba.
June 23: Yahoo Chairman
Roy Bostock seeks to defuse speculation about Bartz's job security at
Yahoo's annual shareholders meeting, only to have it ignited again at
the end of the session by an exasperated investor.
Sept. 6: Yahoo
fires Bartz after less than three years on the job. Morse, the chief
financial officer whom Bartz lured from chip-maker Altera Corp., is
named interim CEO.
Jan. 4, 2012: Yahoo names Scott Thompson,
president of eBay Inc.'s PayPal division, as Yahoo's new CEO, its fourth
in less than five years.
Jan. 17: Co-founder Yang leaves the
company as he steps down from the board of directors. He had been on
Yahoo's board since its 1995 inception.
Feb. 7: Chairman Roy
Bostock and three other longtime board members say they won't seek
re-election to give Thompson an enhanced team of independent directors.
Many Yahoo shareholders had been clamoring for Bostock to step down
since the company balked Microsoft's 2008 takeover offer.
25: Yahoo announces three new board members, gearing up for a proxy
fight with one of its largest shareholders, Third Point LLC, which is
trying to win four seats on Yahoo's board.
March 28: Hedge fund
manager Daniel Loeb, who controls a 5.8 percent stake in the company
through his Third Point fund, blasts Yahoo's board appointments as
April 4: Yahoo announces plans to lay off 2,000
employees, or about 14 percent of its workforce. The cuts are part of an
overhaul aimed at focusing on what Thompson believes are Yahoo's
strengths while also trying to address its weaknesses in the
increasingly important mobile computing market.
April 6: Thompson
unveils a plan to reorganize the company into three main divisions
focused on users, advertisers and technology. It will take effect on May
1. Yahoo believes the new structure will improve users' experience with
Yahoo, work closely with advertisers in different regions of the globe
and strengthen the company's technology group.
April 17: Yahoo
reports first-quarter earnings, the first results under Thompson. The
company shows signs of modest progress. Net income rose 28 percent from a
year ago. Revenue grew less than 1 percent, but it's a breakthrough
because the company's revenue has been steadily falling for years.
3: Loeb, the disgruntled Yahoo shareholder, questions Thompson's
qualifications and integrity after exposing a misrepresentation about
the executive's education. Yahoo confirms that Thompson doesn't have a
bachelor's degree in computer science from Stonehill College, as Yahoo
previously stated. Thompson only has an accounting degree from
Stonehill. Yahoo blames an "inadvertent error" and says its board will
May 4: Loeb calls on Yahoo to fire Thompson and gives the company a Monday deadline.
7: Deadline passes with Thompson still on the job. Loeb's Third Point
makes a legal demand for internal records about Thompson's hiring. In a
memo to employees, Thompson apologizes for the distractions caused by
furor without offering an explanation on who was responsible. He also
promises to cooperate with an investigation by Yahoo's board.
8: Patti Hart, who led the committee that hired Thompson, surrenders her
board seat, becoming the first casualty in the dust-up. Hart says she
decided to not to seek re-election to Yahoo's board to focus on her job
as CEO at gambling machine maker International Game Technology. Yahoo
also says its probe will be handled by a committee of three directors
who joined the company's board after Thompson was hired.
Thompson is out at Yahoo. Ross Levinsohn, who oversees Yahoo's media and
advertising services worldwide, is named interim CEO.
Yahoo agrees to sell half of its prized stake in Chinese e-commerce
group Alibaba for about $7.1 billion. The deal calls for Alibaba to buy
back half of the 40 percent stake that Yahoo owns in the Chinese company
for $6.3 billion cash and up to $800 million of Alibaba preferred
shares. After paying taxes, Yahoo expects to get about $4.2 billion.
Most of the cash is expected to go to shareholders.
June 18: Yahoo
says Michael Barrett, a former colleague of its interim CEO, will run
Yahoo's advertising sales team as chief revenue officer.
Yahoo and Facebook agree to settle a patent dispute, averting a
potentially lengthy legal battle. They also agree to an advertising
alliance that could help Yahoo recover some of the revenue lost as
marketers shift spending to a larger, more engaged audience at Facebook.
Hulu discloses that its CEO, Jason Kilar, has decided not to pursue the
top job at Yahoo, leaving Levinsohn as the lead candidate to be
July 12: Thompson faces angry investors at annual
shareholders meeting. Responding to skeptical questioning, Levinsohn
talks like someone who expected to be running Yahoo for more than just a
Monday: Yahoo names longtime Google executive Marissa Mayer as its next CEO, effective Tuesday.