Multiple news agencies have reported that Apollo Global Management Inc. is planning to appoint Jim Lazone to the top most position at Yahoo. The Tinder CEO is set to replace Guru Gowrappan, the current CEO on September 27, according to sources familiar with the matter. Gowrappan, a former Verizon executive who has been CEO at Yahoo since 2018, sent a memo to staff informing them that he was leaving the executive post but would remain as adviser.
In the memo, seen by CNBC, CEO Gowrappan said that Yahoo was entering a new chapter in its history. He spoke of transition, mentioning that he would step into a new role as advisor and that he was excited to welcome Jim Lazone as Yahoo’s new CEO effective from September 27, 2021.
He praised Lazone and mentioned his experience and track record in fostering growth, innovation, and entrepreneurship. He also expressed his confidence in Lazone and said that there would be a seamless transition and that he would lead them into their future. He spoke of the incredible journey of Yahoo and praised the team saying it had the right content, technology, and products to shape the future.
The investment firm had acquired Yahoo from Verizon Media on September 1 for $5 billion. At that time, Gowrappan remained CEO. However, after a week he was replaced and will become an adviser to Apollo. On Friday, Tinder also announced that Renate Nyborg will be the new CEO of Tinder.
Jim Lazone spent just 14 months with Tinder and was courted by the Apollo group, who found him to be a perfect match to lead their operations after they acquired Yahoo from Verizon media and talks that Gowrappan would be replaced had been doing the rounds.
Lazone has spent years with CBS interactive. He also founded digital media startups and was the founder of Clicker, which was acquired by CBS interactive. He also worked at IAC which originally launched Tinder.
Jim Lazone is expected to shake up Yahoo. Whether it would be for a better assets sale in future, as the Apollo Management Group might divest its holdings in parts or whether it would be to make the competitive tech and media company it once was, the future does look bright for Yahoo.
Yahoo said that it has 900 million monthly active users around the world across
- Yahoo News
- Yahoo Finance
- Yahoo Sports
- Yahoo! Entertainment
- AOL
- TechCrunch
- Engadget
