Yahoo! president Susan Decker announced late Wednesday the company's executive VP of global sales, Gregory Coleman, is resigning in a mutual agreement in order to pursue other opportunities. Decker named executive VP Hillary Schneider to succeed Coleman, and outlined plans for building advertising relationships. In a memo to employees, Decker appointed Schneider head of a new division called "Global Partner Solutions" [GPS], responsible for all of Yahoo!'s partners including advertisers, agencies, resellers, publishers, ad networks and developers. GPS is in charge of creating, delivering and coordinating global best practices for solutions across all ad formats and customer types and sizes. Business development for Yahoo!'s content divisions will continue to operate separately. Coleman agreed to assist with the transition through February 2008. He helped Yahoo! grow its advertising revenues to more than $6 billion annually, from $600 million in 2001.
Sources: New York Times, Reuters
Commentary: Predictably, Yahoo's Market Cap Is Down • Subprime Meltdown Could Pinch Online Ad Revenues -- FT • Yahoo Tops Google in Customer Satisfaction
Stocks/ETFs to watch: YHOO. Competitors: GOOG, MSFT, TWX, IACI. ETFs: HHH, FDN
Earnings call transcript: Yahoo! Q2 2007
Related: Susan Decker's memo to staff [WSJ]
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