Yahoo Executive Calls It Quits
Singh's departure creates an even larger void in the Web portal's slumping advertising business, and comes less than a week after Yahoo said chairman/CEO Tim Koogle would vacate the CEO post. Koogle said he would remain the company's chairman
Yahoo in recent weeks had said that Singh would leave his day-to-day role but said he would continue as a strategist. However, the company said yesterday that Singh would leave the company altogether to spend more time with his family.
In addition to Singh resignation, Yahoo lowered its revenue expectations to mirror the effects of the declining online ad market.
Yahoo said its first-quarter revenue would be $170 million to $180 million, with break-even earnings per share. The company previously said it expected first-quarter revenue of $220 million to $240 million, or 4 cents to 7 cents per share.
The company said a weakening economy and a tightening of its customers' marketing budgets hurt its revenue outlook.
Yahoo shares were down 4.67 percent Wednesday and closed at 15 5/16, near a 52-week low and way off the 52-week high of $206.62.