Another Yahoo! Top Manager Defects

02 March 2001

Another senior executive is poised to shake the dust of Yahoo! from his feet. Mark Rubinstein, head of the portal’s Canadian operations, has given notice of his intention to quit in the near future.

He follows what is becoming a well-trodden trail, blazed last month by his high profile counterparts in Europe and Asia, Fabiola Arredondo and Savio Chow [WAMN: 16 and 21-Feb-01].

The triple desertions are doing little to enhance confidence in Yahoo’s international strategy – despite the fact that it remains one of the web’s few profitable operators. Entreats chairman and chief executive Tim Koogle: “You should not read too much into these resignations. These are lifestyle choices by the particular individuals involved."

Yahoo! – the world’s leading internet portal – has also been hit by the drastic downturn in online advertising as well as the collapse in its share price, which has plummeted 88% from a high last year of $205. Yesterday its shares closed at $24.44.

Yahoo! also announced yesterday that it has adopted a shareholder rights plan to discourage hostile bids. As at the close of business on March 20, shareholders of record on that day will receive rights as a dividend at the rate of one right for each share of Yahoo! common stock.

News source: Financial Times