Yahoo! turns to broadcasters for new board
Editor ©RapidTVNews | 26-03-2012
As it aims to recover from the corporate setbacks that have dogged it over the last few years, culminating in the firing of CEO Carol Bartz, Yahoo! has appointed new independent rich with broadcasting experience.
Beginning their roles from 5 April will be John D. Hayes, Executive Vice President and Chief Marketing Officer of American Express Company; Peter Liguori, former Chief Operating Officer of Discovery Communications, Inc. and former Chairman and President of Entertainment of Fox Broadcasting Network; and Thomas J. McInerney, the outgoing Chief Financial Officer of IAC/InterActiveCorp.
During the reign of former chief Bartz’s, Yahoo! had made major inroads into the world of online video broadcast, boosting video content to its core sites considerably. It acted on research showing that online video was rapidly developing into the mainstream, evolving on three key fronts affecting viewer consumption habits, the sharing of video content and video content itself.
The most notable example of its online video expansion plans culminated in it reportedly being one of the three firms, along with Amazon and Dish Network, bidding to take control of the Hulu over the top (OTT) video service in a deal said to be worth 2 billion. In early March 2012, Yahoo! debuted a variety of original comedy Web shows from a collaborative effort with TV production partners.
In making its new appointments, the Yahoo! Board accepts that its company needs to move quickly to implement change and improve its performance. It adds that the new management team is moving with a sense of urgency to reshape and refocus the Company on its core strengths, with an emphasis on redeploying resources in what it believes are to the most productive areas and equipping the Company to invest in growth and innovation. As now constituted, the Yahoo! Board claims that it has a well-rounded combination of financial, media, advertising, marketing, operating and technology expertise necessary to bring the right leadership to build value for all Yahoo! shareholders.
“Each of these individuals impressed the search committee with their demonstrable records of significant accomplishment at the highest levels of media, advertising and marketing, finance, including corporate finance and restructuring, and further insight into customers’ perspectives. Together, they bring a powerful mix of exactly the right ingredients to fuel Yahoo!’s forward momentum. Having thoroughly reviewed a broad range of highly qualified candidates and sought input from a number of major shareholders, the Committee enthusiastically recommended to the full Board the appointment of these three excellent directors,” said Patti Hart, chairman of the Board’s Nominating and Corporate Governance Committee, which conducted the search process.