What just happened? Tinder CEO Jim Lanzone has been named as the next head of Yahoo. Apollo Global Management made the announcement on Friday, just one week after completing its acquisition of the Internet pioneer. With new management and new leadership, will Yahoo be able to return to its former glory?
Verizon back in May, if you recall, decided to offload AOL and Yahoo to Apollo Global Management as part of a deal valued at $5 billion. It was a significant loss for Verizon, considering the company had paid $4.4 billion for AOL in 2015 and $4.48 billion for Yahoo the following year.
Lanzone is described as a seasoned executive with more than two decades of technology and media experience under his belt. He was appointed by Match Group as Tinder’s CEO on July 27, 2020, but before that, he led CBS Corporation’s digital operations, overseeing more than 30 digital media brands.
Lanzone, who also serves as a member of the board of directors of GoPro, will succeed current Yahoo CEO Guru Gowrappan, who has been named senior advisor to Apollo’s private equity business. Yahoo Chairman and Apollo Partner Reed Rayman said they are confident that with his experience and proven management skills, Lanzone is the right person to lead Yahoo through a transformational phase.
Lanzone will become Yahoo’s CEO on September 27, 2021.
Tinder, meanwhile, said Renate Nyborg will fill its vacancy. Nyborg joined the company as general manager of Europe, Middle East and Africa last year. Her first day as CEO will also be September 27.
Image credit David Paul Morris, Bloomberg