UPDATE 4-Yahoo names software exec Bartz as new CEO

Tue Jan 13, 2009 11:51pm GMT
 
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* Bartz was Autodesk chairman

* Yahoo President Sue Decker to resign after transition

* Shares end down 1 pct, after falling more than 3 pct (Recasts with Bartz named; adds Sue Decker's departure, Bartz remarks from conference call)

By Anupreeta Das

SAN FRANCISCO, Jan 13 (Reuters) - Yahoo Inc (YHOO.O) named Autodesk Inc (ADSK.O) Chairman Carol Bartz as CEO, but Wall Street questioned whether the software executive has the experience needed to turn around the Internet media company.

While Bartz is a Silicon Valley veteran with a reputation for being a tough but fair manager, shareholders of Yahoo had hoped for a chief executive with more deal-making credentials who could revive talks with Microsoft Corp (MSFT.O).

Yahoo also said on Tuesday that President Sue Decker, one of the candidates to succeed Jerry Yang as CEO, will resign after a transitional period. Other names that had been mentioned in the press as possible contenders include News Corp (NWSA.O) Chief Operating Officer Peter Chernin and Arun Sarin, ex-CEO of Vodafone Group Plc (VOD.L).

"I think the market may be a little bit disappointed that Yahoo's not going with someone who isn't a little bit more savvy when it comes to technology and media," said Todd Greenwald, an analyst at Signal Hill.

Shares of Yahoo fell 3.6 percent after news of Bartz's hire was reported on the Wall Street Journal's website, but the stock recovered to end the day down just 1 percent at $12.10 as analysts said the end of the two-month CEO search could help bring some stability to the company.  Continued...

 

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