BusinessWeek reports that “Even Yahoo! Gets the Blues.” After hiring a new CFO this week, Yahoo’s shares fell 1.7%. There are reports that a large number of employees who’ve been with the company six years or longer are beginning to explore other employment options:
[N]ot the very top execs, but the seasoned middle managers Yahoo needs to carry out its ambitious turnaround plans. “The last wave is folks who have been there a long time,” says former Yahoo Vice-President Teresa Phillips, co-founder and CEO of stealth startup Graspr, who left last year on good terms. “Now it’s the people who have the institutional knowledge who are leaving.”
Of course, “Yahoo says that it’s not having more trouble with hiring or attrition and that some of the departures are a natural result of the restructuring.”
BusinessWeek covers a lot of the low pointsâ€”and highlightsâ€”in Yahoo’s last few months, from the December restructure to the premiere of Panama to acquiring Right Media to rumors of being acquired by MSFT to consolidating services like Yahoo Photos and closing Auctions. BusinessWeek concludes:
Can Semel, who saved Yahoo from dot-com oblivion after he arrived in 2001, do it again? “I think Terry is an asset,” says a former Yahoo who notes that the company needs a seasoned media exec in charge. “The question is: Is he the right guy to rally the people?” Clearly, many of Yahoo’s 11,700 employees think so. Problem is, many others keep voting with their feet.
We’ve been here, reporting on it all. What do you think? Can Semel turn their fortunes around? Or was his success in 2001 just delaying the inevitable for Yahoo?