Yahoo! Inc. (NASDAQ: YHOO) is about to get a new star as its permanent Chief Executive Officer. This story has been updated due to a press release confirmation. It is not going to be interim-CEO Ross B. Levinsohn. Amazingly enough, the deeply troubled Yahoo! is poaching a key figure from top rival Google Inc. (NASDAQ: GOOG).
We now have a press release confirming reports from CNBC and from the Wall Street Journal that Yahoo! is naming Marissa Mayer as its permanent CEO. No official release has been sent out by Yahoo! nor by Google to confirm the news but the word is that Mayer is resigning today and that she will take over as CEO on Tuesday. Mayer’s current title at Google is Vice President, Local, Maps, & Location Services. She is reported as being Google’s first female engineer and only its twentieth employee.
This will be viewed very positively for Yahoo! holders as of today. Yahoo! shares closed down 0.6% at $15.65 with a 52-week range of $11.09 to $16.79, but shares are up 2% at $15.96 on this news.
JON C. OGG