Yahoo! announced on 17th July that Marissa Mayer, previously vice president of Google, has been appointed their new CEO.
In a statement to press Yahoo!’s board stated that they selected Miss. Mayer because ‘She’s stands for the user’. Previously having worked for Google as an engineer and eventually becoming the VP, Marissa certainly knows her stuff, BUT will she be a good CEO? Having never served in this position before it will be interesting to see what her plans are for the flagging company.
Miss. Mayer had long been on the Yahoo! boards shortlist. Approaching the then Google vice president on June 18th, talks increased until a deal was settled. The Yahoo board felt that some one with Miss Mayer’s stature, both a vice president and someone who helped design the Google search engine would be an ideal person to attract new talent and help to develop new and existing web services.
Miss. Mayer’s payment package is confirmed to be that of $1 million per year, and the total net worth of the package been valued at approximately $60 million if she stays until 2017.
Whilst this may sound like a no-brainer monetarily, Miss. Mayer will be the 3rd CEO in the last year at Yahoo! and the 5th in 5 years. Why is the turn over for CEO’s so high at Yahoo!?
In an interview Miss. Mayer stated that “Yahoo! is a company with an amazing following, terrific brand and huge amount of potential.”
In a leaked memo to the staff at Yahoo! Mrs. Mayer encouraged her new employee’s “You are doing important work – please don’t stop”
The technology industry will certainly be watching Miss. Mayer’s exploits closely…