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Yahoo! loses top finance exec
The head of Yahoo! Finance and Yahoo! Real Estate is leaving the company to work as COO for mobile finance service Pageonce. Steve Shultz leaves after five years as a general manager at Yahoo!. He is the latest high-ranking employee to exit the firm, leaving just weeks after the departure of Jason Titus, head of Yahoo! Mail and Messenger.
During Shultz's time at Yahoo!, the firm's finance portal doubled its market share, attracting more than 40m unique visitors. Schultz was responsible for the original content strategy of Yahoo! Finance and oversaw the site's move into mobile apps. At Pageonce, Schultz will lead the firm's business and sales strategy. Pageonce is a mobile personal finance service that helps users manage bills from devices including Android phones, iPhones and BlackBerry handsets.
The departure is the latest blow to Yahoo!, which has tried to refocus its business and establish itself as a content portal since appointing Carol Bartz as CEO in January last year. In May the firm predicted a return to double-digit annual growth and in Q2 it saw profits jump 51% year on year to USD213m. However, revenue grew just 1.8% after a number of key advertisers cut their spending towards the end of the quarter.
Shultz is the latest in a string of executives to leave the firm. In June Yahoo! lost Flickr architect Kellan Elliott-McCrea, consumer experiences SVP Tapan Bhat, VP of search consumer products Larry Cornett and senior director Holger Luedorf, who moved to location network Foursquare.
