Yahoo has roped in the top executive of Tinder and hired him to be its new chief executive officer.
Apollo Management Group bought Yahoo, the search engine that is has lagged behind rivals for long, for $5 billion recently.
On Friday, Jim Lanzone was announced as Yahoo’s new CEO. Guru Gowrappan has been Yahoo’s CEO since 2018. He will now be a senior advisor to the company.
This move follows the announcement by Verizon four months ago of selling off Yahoo! to Apollo in a deal worth $5 Billion.
Lanzone was the CEO of Tinder since about a year and has helped to revamp the popular dating app. He previously has led digital operations at CBS for about a decade, and held executive positions at IAC.
“With his management experience, we are confident that Jim will lead Yahoo through a transformative new phase that can harness the best of Yahoo’s platform and performance to reach new heights,” Reed Rayman, Yahoo Chairman and Apollo Partner, stated in a press release.
Yahoo stated that it would “invest significant in the user experience” and create exciting new offerings to build on its top brands in technology, finance, sports and news.
A deal that includes AOL is the Verizon sale of Yahoo! to Apollo. Verizon said that it will keep a 10 per cent share in the spinoff. In 2015, Verizon bought AOL for $4.4billion. Two years later, it purchased Yahoo at a similar amount.
Fo4r a brief period, the name of the unit was Oath, but Verizon indicated that its plans to compete with Amazon, Google, and Facebook were essentially futile when it took $4.6 billion writedown for Oath in 2018.
(Adapted from CNN.com)