=WSJ/Yahoo -2: CEO Koogle Would Remain Chairman -Sources
By Mylene Mangalindan and Joann Lublin
Of THE WALL STREET JOURNAL
SAN FRANCISCO (Dow Jones)--Yahoo! Inc. (YHOO) is expected to
announce that its first-quarter results will fall below analysts'
expectations and that it has begun a search for a new chief executive,
people familiar with the matter told The Wall Street Journal.
The Santa Clara, Calif., company plans to make an announcement after
the close of trading today at 5 p.m. EST and host a conference call
for investors, analysts and media, these people said.
The earnings warning would be an acknowledgment that the online
advertising market has deteriorated even more that the Internet
bellwether expected. Last quarter, the company lowered its revenue and
earnings guidance for 2001, citing the slowdown in the online ad
market.
Perhaps more importantly, Yahoo directors have launched an external
search for a new CEO, said the people familiar with the matter. Chief
Executive Timothy Koogle, who has been with the company since before
its initial public offering, would remain chairman of the company once
the newcomer arrived, these people said.
Yahoo has already begun screening candidates for its No. 1 spot, the
people said.
-Mylene Mangalindan, The Wall Street Journal; 415-765-6114
-Joann Lublin, The Wall Street Journal
(END) DOW JONES NEWS 03-07-01
04:15 PM
- - 04 15 PM EST 03-07-01
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