Yahoo! Inc.’s (NASDAQ:YHOO) search for a new CEO is finally over. The Sunnyvale, California-based company has appointed Marissa Mayer of Google Inc. (NASDAQ:GOOG) as its new CEO.
Mayer edged past frontrunner Ross Levinsohn, who has been Yahoo’s interim CEO since the departure of Scott Thompson.
Mayer’s appointment ends months of search by Yahoo’s Board to appoint a permanent CEO. By appointing Mayer as CEO, the struggling internet company has indicated that it is likely to once again focus on web technology and products. Speaking to Reuters, Mayer said that YHOO can excel as both a media and technology company.
Mayer led a number of businesses at Google. She was the search engine giant’s 20th employee and its first female engineer.
Mayer takes charge of Yahoo at a time when the company is struggling due to increasing competition from the likes of Google and Facebook Inc. (NASDAQ:FB).
YHOO stock is marginally lower in trading today. At last check, the stock was trading 0.29% lower at $15.60 on volume of 12.76 million.
After-market close, Yahoo will also release its second-quarter financial results.
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