Posts Tagged CEO

Yahoo’s interim CEO Ross Levinsohn faces off with shareholders

SAN FRANCISCO: Yahoo’s interim CEO has faced skeptical questioning from frustrated shareholders as he tries to convince them that the embattled Internet company will rebound from years of financial malaise and internal turmoil.

Ross Levinsohn’s exchanges with investors Thursday came during Yahoo’s hour-long annual shareholders meeting in Santa Clara, Calif.

Levinsohn came under scrutiny just two months after he filled a void created when Yahoo Inc. ousted Scott Thompson as CEO. Yahoo dumped Thompson amid a flap over misleading information on his official biography. Thompson’s departure came just eight months after Yahoo fired Carol Bartz as CEO.

Levinsohn is now considered to be the leading candidate to be named permanent CEO.

The seven shareholders who questioned Levinsohn Thursday made it clear they are losing their patience with the company.

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Yahoo CEO search down to Levinsohn, Hulu’s Kilar

NEW YORK: The race to become Yahoo Inc’s next chief executive appears to have come down to two candidates: current interim CEO Ross Levinsohn and Hulu CEO Jason Kilar.

According to two sources with knowledge of the situation, Levinsohn and Kilar are the last names left on the Yahoo board’s shortlist for permanent CEO of the company.

Yahoo, the once iconic Internet company, has struggled to find its footing in the new digital world dominated by the likes of Apple, Google, Facebook, and Twitter.

The company has essentially been rudderless since turning down Microsoft’s $44 billion takeover offer in 2008. Since that time, Yahoo has plowed through four CEOs in as many years, among them Terry Semel, co-founder Jerry Yang, Carol Bartz, and most recently, Scott Thompson.

Yahoo’s board also had on its shortlist Jonathan Miller, currently News Corp’s Chief Digital Officer and former CEO of AOL Inc, and wanted to speak with him about the position, but Miller declined to pursue discussions, said a source familiar with his thinking.

According to this source, Miller put the brakes on any talks with Yahoo’s board out of respect for his friendship with Levinsohn, who has long wanted to run a company as CEO. Prior to their current positions, Miller and Levinsohn ran an investment firm together named Fuse Capital.

Kilar, however, has no such personal relationship with Levinsohn, which is why he is still on the shortlist.

Executive recruiting firm Spencer Stuart is leading the search on behalf of Yahoo.

While Kilar is being seriously considered for the role, Levinsohn is still thought of as the favorite to take the position on a permanent basis, according to one of the sources.

Since taking over as interim CEO in May after Scott Thompson’s forced resignation, Levinsohn has been acting and making decisions as if he has already won the seat, this source said.

Levinsohn hired former Google director and media veteran Michael Barrett as Chief Revenue Officer to help lead Yahoo’s efforts to reemerge as an entertainment and information destination that wins advertising revenue.

Those close to Levinsohn have said he is committed to building out Yahoo’s own video programming and striking more syndication deals in pursuit of ads that command a higher price, and Barrett’s hiring underscores that strategy.

Miller and Levinsohn were not immediately available for comment. A spokesman for Yahoo’s board, Charles Sipkins, declined comment, as did a representative for Hulu.

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Apple CEO Tim Cook gives up $75 mn in dividend income

SAN FRANCISCO: Apple Inc Chief Executive Tim Cook will not be earning dividend income on the more than 1 million shares to which he is entitled, which will cost him about $75 million.

Apple said in a filing with the US Securities and Exchange Commission on Thursday that Cook had asked to be excluded from a recently instituted company program through which employees can accumulate dividends on their restricted stock units that are still vesting.

Asked why Cook was doing this, Apple declined to comment beyond the filing.

Cook, who took over as chief executive from late co-founder Steve Jobs in August, has 1.125 million outstanding restricted Apple shares that are vesting over the next 10 years.

In January, Apple’s board granted Cook 1 million restricted stock units (RSUs) for running the company during Jobs’ medical leaves and as a retention tool. Half of those units are due to vest in 2016 and the remainder are due to vest in 2021.

Apple said in March that it would pay a cash dividend of $2.65 per share to its shareholders.

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Facebook CEO Mark Zuckerberg marries girlfriend Priscilla Chan

NEW YORK: Facebook’s billionaire founder Mark Zuckerberg updated his relationship status on his social networking site to ‘married’ – after he tied the knot with his long time girlfriend 27-year-old Priscilla Chan in a private ceremony at his California home. The surprising move came just a day after Facebook went public through one of the largest initial public offerings and its shares began trading on the Nasdaq. Zuckerberg wrote about the big event in his life on his Facebook timeline, with a status update that read, “Married Priscilla Chan” on May 19. The ceremony took place in Zuckerberg’s backyard at his Palo Alto home in California before fewer than 100 guests on Saturday. An accompanying picture shows a smiling Zuckerberg dressed in a simple dark blue suit, white shirt and wearing a tie. Chan is in an elegant sleeveless laced white wedding gown with a veil falling over her shoulders. A string of bulbs are hung in the background which is Zuckerberg’s backyard. The picture got over 131,000 likes within the first 30 minutes of Zuckerberg posting the status update. The couple met at Harvard and have been together for more than nine years. Chan’s Facebook page also had the updated relationship status with the message “married to Mark Zuckerberg.” The marriage capped an extremely eventful week for the couple. Zuckerberg celebrated his 28th birthday on Monday, May 14. Days later Facebook, which was founded by Zuckerberg in 2004 in his Harvard dorm, became went public through an IPO that pegged the value of the world’s most popular social network site at 104 billion dollars. The same week Chan graduated from the University of California, San Francisco. Chan studied medicine and is now a doctor of pediatrician. On her graduation day, Zuckerberg had written on his Facebook page, “I am so proud of you Dr Chan.”

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