Yahoo to Name Bartz as New CEO to Replace Co-Founder Yang

Embattled search engine player Yahoo is set to name industry veteran Carol Bartz as its new chief executive, according to The Wall Street Journal and several other sources.

 

Yang, a co-founder of the Sunnyvale, California-based company, first announced two months ago his intention to resign ending what was already a rocky year which included falling earnings and a diminished role among the Internet's heavy hitters.

 

Yang has been under heavy fire since rebuffing Microsoft (News - Alert) and its $47.5 billion takeover bid last May. Microsoft eventually withdrew takeover efforts bid, which at the time was valued at $33 per share, and now Yahoo's stock price is now stuck around $12.

 

The 60-year-old Bartz is considered a Silicon Valley insider. She was the CEO of business software maker Autodesk (News - Alert) for 14 years before stepping aside to become the company's executive chairman in 2006. Before joining Autodesk she was a high level executive at Sun Microsystems.

 

As TMC President Rich Tehrani (News - Alert) reported on his blog, the move is being met with both praise and trepidation.

 

While leading Autodesk the company diversified its product line and increased revenue rise from $285 million to $1.523 billion, according to Autodesk's Web site.

 

Yahoo has felt the heat in recent years as share holders complained the company lagged behind competitors, such as Google (News - Alert), when it came to taking advantage of new technologies that have spurred Internet opportunities like online video, search advertising, social networking and blogging.

 

Durring yang’s tenure the company also had two rounds of layoffs. As TMCnet reported, the company recently announced it would cut 10 percent of its workforce, or 1,500 people, following a 64 percent drop in profits last quarter