ScottThompson
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Yahoo to sell back half of its Alibaba stake for $7.1 billion
It's been a bit of a sour year for Yahoo -- it's seen the departure of one of its founding fathers, suffered through a patent dispute with Facebook and lost its new CEO in a sea of scandalous accusations. Yikes. At least former head honcho Scott Thompson's negotiations to sell the firm's stake in Alibaba seem to be going through -- the two firms just announced plans to redistribute about half of Yahoo's 40-percent stake in said Chinese tech giant. Under the current agreement, Alibaba will purchase 20-percent of its fully diluted shares back from the Silicon Valley company, netting Yahoo $7.1 billion in compensation. Yahoo will also be permitted to sell an additional 10-percent of its stake in a future IPO, or else require Alibaba to purchase it back at the IPO price. Despite Yahoo's stake changing hands, the companies will still be working together -- Yahoo has cleared Alibaba to continue to operate Yahoo! China (which was acquired by the latter back in October 2005) under the Yahoo! brand for up to four years -- in exchange for royalty payments, of course. Finally, Alibaba will license various patents to Yahoo moving forward. What's next? Well, Alibaba CEO Jack Ma did let it slip at AsiaD that he's considered buying Yahoo as a whole, and repurchasing the firm's assets in Asia could be a step in that direction. Read on for the official press release in all its financial glory.
ATD: Yahoo's CEO Scott Thompson to step down amidst degree scandal (update: confirmed)
While thousands upon thousands of Americans are celebrating graduation weekend with degree in hand, it looks as if the CEO of one particular internet company will be wondering why he lied about his. After weeks of investigating, word on the street has it that freshly appointed (as in January 4th) CEO Scott Thompson will be "stepping down." In other words, he's being canned. The news comes from an All Things D report on the matter, with the official word expected soon. The scandal took hold a few weeks back, with the official Yahoo bio listing a computer science degree that he allegedly didn't even have. The company line is that he's bolting for "personal reasons," but seriously -- what are the chances these "reasons" would've emerged sans scandal? It's bruited that Yahoo's global media head Ross Levinsohn will be filling Scott's shoes for now, but there's no word yet on who the firm's next CEO will be. It's a shame, but it sure feels like a revolving door in Yahoo's corner office. Update: Yahoo has confirmed Thompson's departure in an official press release (after the break), placing Ross Levinsohn in a interim CEO position, as expected. The firm also mentions that Roy Bostock's seat as Chairman of the board will be filled by Fred Amoroso. Hit the break for the official statement.
PayPal's Scott Thompson becomes CEO of Yahoo; signing bonus probably stuck in a frozen account
Think you're having a good day? Try being Tim Morse, who was just relieved of the seemingly impossible task known as "being the Chief Executive Officer of Yahoo." After years of turmoil and bouts of bickering with Alibaba, Yahoo has just appointed Scott Thompson as its new CEO -- marking the introduction of a new year with the introduction of a new head honcho. Mr. Morse, who was standing in as interim CEO, will resume his role as Chief Financial Officer, and Thompson will become a member of the company's Board of Directors starting January 9th. Scott served most recently as President of PayPal, where -- so far as we can tell -- he did nothing to remove the draconian 'dispute' process that has jaded so many souls belonging to slighted eBayers. Bitterness aside, his primary focus in his new role will be to "continue the strategic review process to identify the best approaches for the company and its shareholders," and the release makes clear that Yahoo is "considering a wide range of opportunities for the company's business, as well as specific investments or dispositions of assets." Sounds fun, no?
