Stern Named Head of New Strategery Role at Yahoo
Longtime Yahoo exec Raymond Stern (pictured here) — who seems to have fit into a lot of management reorgs in his short time at the Silicon Valley Internet giant — has been named to a new role at the company as SVP of strategy, corporate development and new ventures.
He’ll be reporting to CEO Scott Thompson, according to an internal memo I got sent by the people who send me internal memos from Yahoo. (A group, I might add, that is getting bigger by the day.)
When he got to Yahoo in late 2009, Stern had first been named SVP of North America partnerships and business development for Yahoo. He later had to also pinch-hit as its head of U.S. audience, mobile and local, after an exec left, before being named SVP of North America audience. Then, after another exec took over the audience job, he was back to business development and partnerships and also added the listings business to his portfolio. Then, Stern got mobile biz dev back, after another exec left.
Now, the man who has been the Swiss Army Knife of Yahoo will be the key strategy guy for Thompson, who clearly wants to do a lot of strategizing.
Interesting note: Stern was a former consultant to Boston Consulting Group, which is Thompson’s go-to outside team on his ongoing restructuring of the company. He is also a former Intuit exec.
As per usual, here is the internal memo on Stern’s appointment from Thompson, who is dealing with some other very thorny issues right now too:
Over the last few months, you’ve heard me talk a lot about focusing our company around our core business. As part of this, we need to find new ways to strengthen, leverage, and monetize our core assets — all in conjunction with our long-term strategy focused on driving growth. To help tackle this challenge, I’m excited to announce that Raymond Stern will take on a new role at Yahoo! as senior vice president of strategy, corporate development, and new ventures, reporting to me.
For those of you who haven’t had the chance to meet Raymond over the last two and half years here at Yahoo!, he previously oversaw distribution partnerships and business development, as well as our Latin American, Canadian, and small business teams. Earlier in his career, he spent 10 years at the Boston Consulting Group, and later had various roles at Intuit including leading strategy and corporate development during a transformational period in the late 90s through the mid 2000s.
In his new role, Raymond will work across the teams to ensure alignment and that we are taking advantage of opportunities around the globe. He will lead three critical areas for us:
Strategy: Raymond will lead corporate strategy, working in close partnership with the senior leadership team and me.
Corporate Development: Raymond will work with the team to find opportunities to accelerate our progress and growth through acquisitions, investments and strategic partnerships. In conjunction with this, Marcus Shen and his group will be renamed corporate M&A, and will continue to be the transactional execution arm supporting Yahoo!’s corporate development initiatives.
New Ventures: Raymond will look at emerging areas outside of what’s happening in the halls of Yahoo! and bring new innovative and disruptive ideas to the forefront.
In the coming weeks, you’ll hear more from Raymond as he works with the leadership team to align our corporate priorities and long-term strategy.
Please join me in welcoming Raymond to this important new role.
And here’s to your new job, Raymond: