Yahoo Shares Rise Despite Concerns About Strategy |
| Fox Business - May 14, 2012 |
Yahoo Inc (YHOO: 15.63, +0.44, +2.90%) investors welcomed the appointment of a media veteran as interim chief executive of the Internet company even as analysts worried that the company's strategy would face months of uncertainty.
Yahoo's shares rose 2.5 percent on Monday after Chief Executive Scott Thompson stepped down -- after just four months on the job -- following a controversy over his academic record and Yahoo named Ross Levinsohn interim CEO.
Yahoo's board, which was sharply criticized for how it handled Thompson's hiring, was now giving three director seats to the activist hedge fund headed by Daniel Loeb, settling a looming proxy fight. Yahoo Chairman Roy Bostock was also stepping aside.
Thompson's departure caps another of many tumultuous episodes involving Yahoo management over several years and comes as the company struggles to regain relevancy and revive growth amid fierce competition from rivals Google Inc and Facebook.
Read more: http://www.foxbusiness.com/technology/2012/05/14/yahoo-shares-rise-despite-concerns-about-strategy/#ixzz1urXLQDwU
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- Posted: 2012-05-14 11:16:01
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