Yahoo! – that would be if it could be internet behemoth – has named former Google vice-president Marissa Mayer as its chief executive, the company’s third in less than 12 months.
37-year-old Ms Mayer will assume the role this week. Ms Mayer was one of Google’s earliest employees, she was the Internet search company’s first female engineer. Ms Mayer was responsible for local and geographical products including Google Offers, Google Maps, Google Earth, Street View and local search for desktop and mobile.
The new appointment signals Yahoo!’s renewed focus on product innovation in an effort to drive advertising revenue for one of the world’s largest consumer Internet brands the company said via statement. The move comes as a surprise after many reports said interim CEO Ross Levinsohn had a lock on the top job.
Yahoo! confirmed via regulatory filings that the cost of luring Ms Mayer away from Google was considerable. Ms Mayer will receive a package of almost $US60, including an annual base salary of just over $US1 million, an annual $US2 million bonus as well as stock bonuses of up to $US3 million, giving her an average annual salary of around $US5 million, assuming she sticks ::::
Ms Mayer said via statement tha she was honoured “…nd delighted to lead Yahoo!, one of the Internet’s premier destinations for more than 700 million users, I look forward to working with the company’s dedicated employees to bring innovative products, content, and personalized experiences to users and advertisers all around the world.”
Ms Mayer joined Google in 1999 as its 20th employee “and led efforts for many of Google’s most recognizable products, including the development of its flagship search product and iconic homepage for over 10 years,” the statement said. Ms Mayer managed some of Google’s most successful innovations, launching more than 100 features and products including image, book and product search, toolbar, iGoogle, Google News, and Gmail.
Ms Mayer told The New York Times she “had an amazing time at Google” over the past 13 years, but that she opted to go to Yahoo! because it is “one of the best brands on the Internet.”
In May this year, Scott Thompson resigned as Yahoo! CEO after less than 6 months on the job, after a controversy over his academic credentials. He had replaced Carol Bartz, who was fired in September after failing to revitalize the company.
Last week, shareholders endorsed the struggling Internet firm’s overhauled board of directors and called for a fresh plan to compete against rivals such as Google and Facebook, but made no announcement about a chief executive.