October 18, 2002 10:49 AM PDT

Two senior execs exit Yahoo

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Yahoo on Friday confirmed that its senior vice president of marketing and the head of its business services division have both resigned.

The portal company said John Costello, its head marketer, will leave to become chief marketing officer at retailing giant Home Depot. Costello will exit Yahoo just shy of his one-year anniversary with the company. His hiring was highly publicized by Yahoo as he brought with him a pedigree in the non-Internet world as a former marketing executive at Sears Roebuck.

Yahoo has retained executive placement firm Spencer Stuart to begin its search to fill Costello's vacancy. Yahoo spokeswoman Nicki Dugan said the search was at an "early stage." In the meantime, people once reporting to Costello will report to Chief Operating Officer Dan Rosensweig.

The company also confirmed that Jim Fanella, senior vice president of its business services unit, will resign from his position for personal reasons. Steve Boom, who formerly headed the division's European operations, will be promoted to Fanella's old job.

Company spokeswoman Joanna Stevens declined to comment on speculation that Fanella was dismissed.

The business services division, based in Dallas, oversees Yahoo's broadcast services division and sales of its portal software for large corporations. Enterprise Solutions, as it's called internally, has been highlighted as a means for the company to tap nonadvertising dollars from corporations. However, the financial performance of the division is not publicly known because its revenue is folded into the broad category of "fees and listings," which encompasses subscription services and personals.

Yahoo's executive team has been in flux for the past two years. Since the bursting of the dot-com bubble, the company has witnessed the complete overhaul of its management team, from its CEO and COO down to the various heads of its business units. The most recent change happened in August when Chief Product Officer and longtime veteran Tim Brady resigned to pursue personal interests.

The company is one year into its strategic overhaul and has produced two consecutive quarters of net profit.

 

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