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Verizon May Be Tuning Up for Yodeling Contest
April 9, 2016
Verizon reportedly is planning to make a formal first-round bid for the core assets of Yahoo when the company begins fielding offers on Monday. Verizon, whose CEO last month confirmed his company's interest, is working with executives of its AOL subsidiary and three financial advisors to put together a bid by the April 11 deadline, according to the report.
Report Throws the Book at Yahoo
April 8, 2016
Yahoo is in the midst of a financial freefall, based on a report that claims the company's deal book shows a muddled and confusing financial picture that has made potential investors nervous about any effort to salvage the business. Yahoo's internal presentation for investors paints a picture of a company moving entirely in the wrong direction, according to the report.
Angry Investor Aims to Kick Yahoo's Board to the Curb
March 28, 2016
Starboard Value last week launched a proxy fight to replace the board at Yahoo, blasting the company's management and nominating its own slate of board members. One of Yahoo's largest investors, Starboard has a 1.7 percent stake worth about $570 million. It has been "extremely disappointed with Yahoo's dismal financial performance," said Jeffrey Smith, managing member of Starboard.
Yahoo Sets Itself Up for Buyout
February 20, 2016
Yahoo on Friday announced that it has hired banking advisers and formed a committee to explore its strategic alternatives, the latest indication that it's serious about pursuing a possible sale. The committee, along with advisers Goldman Sachs, J.P. Morgan Chase and PJT Partners, will identify and recommend to the board transactions that it deems beneficial to employees and shareholders.
Investors Bet $57M on Jana's Global Internet Access Strategy
February 19, 2016
Jana on Thursday announced it has raised $57 million in Series C funding, enabling it to continue its plans to connect developing countries to the Web. Verizon Ventures led the funding round, with backing from Spark Capital and Publicis Groupe. The backing will give Jana the boost it needs to connect its next billion users, according to company spokesperson Meagan Ward.
Zuckerberg Aims to Set Things Right With India
February 12, 2016
Facebook CEO Mark Zuckerberg on Wednesday went into damage-control mode following a tweet from board member Marc Andreessen about India and colonialism. Andreessen was reacting to the Indian telecom regulator's ban on Facebook's Free Basics service. "Another in a long line of economically suicidal decisions made by the Indian government against its own citizens," he reportedly tweeted.
Yahoo May Have Found a Lifeline
February 11, 2016
Verizon CEO Lowell McAdams last week confirmed that his company was exploring an acquisition of some of Yahoo's assets, which would be placed under the corporate umbrella of Verizon's AOL unit. McAdams discussed Verizon's interest in an interview with Mad Money host Jim Cramer. Giving AOL CEO Tim Armstrong control of some of Yahoo's assets would be good for investors.
Twitter's New Algorithm Raises De-Democratization Fears
February 10, 2016
Twitter on Wednesday gave users the option of using a new algorithmically organized feed that would deliver more relevant messages -- not necessarily the newest -- first. The new approach to disseminating tweets was spearheaded by Twitter's CEO Jack Dorsey, who is under pressure because of the company's lack of growth. Compared to other social media sites, like Facebook, Twitter is lagging behind.
Execs Exit as Dorsey Works to Reshape Twitter
January 25, 2016
Twitter CEO Jack Dorsey on Sunday announced that four executives have exited the company. Alex Roetter and Kevin Weil, who managed the engineering teams responsible for generating ads; Katie Stanton, who helped guide the international offices; and Skip Schipper, who oversaw HR and recruiting, all have departed. Roetter, Weil and Stanton each had been with Twitter for more than five years.
Foursquare Shifts Gears
January 16, 2016
Foursquare cofounder Dennis Crowley has assumed a new executive role, and the company has raised $45 million in a new round of funding led by Union Square Ventures. Crowley has moved from his perch as CEO into the newly created position of executive chairman, which will let him focus on developing new products. Jeff Glueck, who served as COO for the past year, has taken the CEO helm.
Legere Steps Back After Hurling F-Word at EFF
January 12, 2016
John Legere, T-Mobile's loquacious CEO, has apologized to the Electronic Frontier Foundation for what he described as a "color commentary" that drew sharp criticism. "I am a vocal, animated and sometimes foul mouthed CEO," Legere wrote in a blog post. "I don't filter myself and you know that no one at T-Mobile filters me either." Legere offered a mea culpa for "offending EFF and its supporters."
Apple Execs' Salaries Go Up as Stock Goes Down
January 9, 2016
All but one of Apple's top team received a pay raise in 2015, according to a proxy statement filed with the Securities and Exchange Commission this week. While Angela Ahrendts, Apple's senior vice president for retail and online stores, didn't get a raise, she's still pulling down the highest executive compensation at the company at $25.8 million. Her compensation in 2014 was $73.4 million.
Investor Calls for Leadership Changes at Yahoo
January 7, 2016
Activist investor Starboard Value, which has dogged Yahoo over the years, on Wednesday sent a letter to the company demanding it make changes or face a proxy fight. Yahoo "made the right decision" by suspending the Alibaba spinoff, but "the continued downward spiral of Yahoo's core Search and Display advertising businesses" has been "frustrating for us, and likely for you," the letter states.
GM Deal Buoys Lyft
January 4, 2016
General Motors has agreed to invest $500 million in Lyft, and the companies will work together to develop an integrated network of autonomous vehicles, they said in a joint announcement on Monday. As part of the agreement, GM will become a preferred provider of short-term vehicles to Lyft customers, and it will provide them with its OnStar vehicle location services.
Cook Rearranges Apple's Executive Suite
December 18, 2015
Apple on Thursday announced some personnel moves that suggest CEO Tim Cook's future vision for the company. He named Jeff Williams chief operating officer, elevated Johny Srouji to senior vice president, broadened the powers of Senior Vice President of Worldwide Marketing Phil Schiller, and added Tor Myhren as vice president of marketing communications.
Disgruntled Yahoo Investors Suggest Different Paths Forward
December 16, 2015
Two Yahoo investors, acting independently, have publicly called for radical changes or a potential sale of the firm. Both Canyon Capital Advisors and SpringOwl Asset Management apparently were unappeased by last week's announcement that Yahoo would spin off its core Internet business. Canyon Capital Advisors on Friday sent a letter urging Yahoo to find a buyer for its core Internet businesses.
Yahoo Spins in Reverse
December 9, 2015
Yahoo on Wednesday announced that its board of directors decided to suspend plans to spin off its Alibaba holdings and instead will undertake a reverse spinoff, transferring its other assets and liabilities to a newly formed company. The stock of the newly formed company will be distributed pro rata to Yahoo shareholders, resulting in two separate publicly traded companies.
Yahoo Reintroduces a Messenger for This Millennium
December 4, 2015
In the midst of takeover speculation, Yahoo on Thursday reintroduced its standby Messenger app in a more robust version, with a set of features designed to breathe new life into a semi-comatose patient. Yahoo completely rebuilt the app with a focus on sharing images and online conversations. Tapping its Flickr, Tumblr and Xobni properties, Yahoo created some collaborative juice.
Yahoo May Be on Road to Oblivion
December 3, 2015
Up for discussion at Yahoo's next board of directors meeting is the sale of its Bing-powered search, longstanding mail service, aggregator-propped news platform, and the rest of the company's Internet business, according to reports. The possible spinoff of Yahoo's 15 percent stake in Alibaba also may be on the table. Yahoo has struggled mightily over the last decade.
Diane Greene to Lead Google Into Cloud Business Fray
November 20, 2015
Google CEO Sundar Pichai has announced the appointment of Diane Greene, cofounder of VMWare and current Google board member, to lead its cloud business. Google will acquire Bebop, another firm founded by Greene. Bebop is a new development platform that makes it easy to build and maintain enterprise applications. Bebop's team will help Google provide integrated cloud products at every level.
HP, Hewlett Packard Enterprise Go Separate Ways
November 2, 2015
The long-awaited split of HP's personal computer and enterprise operations has taken place, and CEO Meg Whitman clearly faces the most challenging crisis of her career -- trying to save a legacy business from being buried by the sands of time and progress. HP on Monday began its first official business day as a house divided into two brand new $50 billion enterprises.
Why Dell-EMC Won't Follow in HP-Compaq's Footsteps
October 26, 2015
Why do some big mergers succeed while others fail? This seems to be a common question, and some of the research I've read about the Dell-EMC merger tries to connect it to the HP-Compaq merger, which apparently cost Carly Fiorina her job. I covered the HP-Compaq merger at length, and I was not a fan. I actually spoke to Compaq's CEO and argued he should pull out to save his firm.
Twitter Slashes Workforce as Dorsey Aims to Restore Confidence
October 14, 2015
Investors cheered after Twitter CEO Jack Dorsey's announcement to cut up to 336 jobs, or 8 percent of the global workforce, as part of an effort to strengthen long-term growth. Dorsey, the company cofounder who last week reclaimed his former position as chief executive, announced the painful round of cuts in a memo to employees, emphasizing plans to monetize the company's core product offerings.
Musk Draws Barbs for Mean-Spirited Dig at Apple
October 9, 2015
Tesla Motors CEO Elon Musk's recent comments to a German newspaper -- suggesting that Apple is the "Tesla graveyard" due to its hiring of fired Tesla employees -- has struck some nerves in the U.S. Musk dismissed claims that Apple had poached staff, telling the paper that those who couldn't cut it at Tesla would go to work for Apple instead -- and he added that he wasn't kidding.
Can Jack Dorsey Save Twitter?
October 5, 2015
Twitter cofounder Jack Dorsey, who has been running the company as interim CEO for the past three months, has taken the reins for good, the company revealed in a document filed with the SEC. Former CEO Dick Costolo has left Twitter's board of directors, and Adam Bain has stepped into the chief operating officer role. Dorsey will continue to lead Square, the mobile POS company he founded, as well.
Carly Fiorina vs. Donald Trump: The Fascinating Difference
September 21, 2015
Watching the Republican debates has been a fascinating experience, because I started following Carly Fiorina when she first took over HP. I thought then and I still think that Steve Jobs was the only one to match her on-stage presence and skill set. History has proven her assertion that it was HP's board, not it's CEO, that was the primary problem that needed to be fixed while she was there.
Nintendo Inaugurates New President
September 15, 2015
Tatsumi Kimishima emerged as president of Nintendo, following a meeting of the board held Monday. Kimishima, 65, has taken up the positions of representative director and president. Taking the seat of beloved Satoru Iwata, who earlier this year died from cancer, Kimishima now holds the reins of a company that has been preparing to push several bold new initiatives.
Veteran Car Guy to Steer Google's Driverless Cars to Market
September 14, 2015
Google on Sunday named auto industry veteran John Krafcik to head up its autonomous vehicle division. Krafcik, former CEO of Hyundai's U.S. operations, will be the first CEO of Google's 6-year-old self-driving car project. "This is a great opportunity to help Google develop the enormous potential of self-driving cars," said Krafcik, who most recently ran the auto shopper site TrueCar.
The Pichai Era: Google's New Age of Innocence?
August 13, 2015
"A" is for new Google parent company "Alphabet," for Sundar Pichai's "ascension" to CEO, and for a slimmed-down search engine company that seeks to become more "agile." Consumers may wonder if that "A" also stands for "altruism." Pichai's work ethic and congeniality helped drive his ascension to the top, and he'll need both to redirect the mounting mistrust of Google -- his greatest challenge yet.
Now Google Knows Its ABCs
August 11, 2015
Google on Monday announced a restructuring that will make it a wholly owned subsidiary of a new umbrella company called "Alphabet." Product Chief Sundar Pichai will take over as CEO of Google, while Google cofounders Larry Page and Sergei Brin will be CEO and president, respectively, of Alphabet. Pichai "is ... the right person to lead the core Google search effort," said Covestor's Barry Randall.
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