Yahoo memo: Letter from Terry Semel to board of directors
Excerpt:
"Today, we are again addressing challenges created by dramatic changes in the needs of audiences and advertisers. And of course none of us is at all satisfied with the company's recent financial performance. Despite these difficulties, however, Yahoo continues to have tremendous fundamental strengths. We remain the leader in Internet advertising and a powerful competitive force in markets around the globe. In addition, we have achieved a great deal over the past several months, such as our recent successful launch of our critical new Panama search marketing platform, which puts us in a strong position to shape a very bright future for Yahoo.
As you know, we have long talked about the importance of ensuring a smooth succession in Yahoo's senior leadership — and more recently, about the need for a leadership team committed to carrying Yahoo through its multi-year transformation. As we discussed my future goals and plans, I was clear in telling you of my desire to take a step back sooner rather than later. I know we all agree that Jerry and Sue, with their superb talents and intense dedication to Yahoo and its people, are the perfect combination to carry us forward. This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential — it is the right thing to do, and the right time is now."
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