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Yahoo Names New CEO
Yahoo (YHOO) named longtime Warner Bros. executive Terry Semel as its new CEO and chairman Tuesday in a move that signals the Internet pioneer's shift to a media company.
Current Yahoo CEO Tim Koogle, who stepped aside last month amid shrinking revenue, will be vice chairman until August. He will remain on Yahoo's board of directors.
Semel, 58, led Warner to 18 consecutive years of record profit and revenue, which crested at $11 billion in 1999. Under his watch, the one-time struggling studio produced the Batman and Lethal Weapon movie franchises, built an influential television production business with ER and Friends, and launched a chain of Warner Bros. Studio stores.
The Brooklyn, N.Y., native sees a similar opportunity at Yahoo, which boasts a monthly audience of 192 million. "Yahoo's premium services in financial news and music are our franchises," he says. "There's no reason we can't market those brands and sell them to the rest of the world."
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