Yahoo Inc’s chief technology officer is resigning after nearly a decade on the job, creating a management void as the Internet icon tries to mine more profits from a recent upgrade to its system for delivering online ads.
Farzad Nazem’s plans to leave the company were disclosed yesterday in a US Securities and Exchange Commission filing and a posting on Yahoo’s website.
The resignation becomes effective June 8, just six months after Yahoo named Nazem head of the company’s newly created technology group as part of a management shakeup. He already had been Yahoo’s chief technology officer since April 1998, two years after he joined the company as senior vice president of product development.
While Yahoo searches for Nazem’s replacement, company co-founder Jerry Yang will oversee the technology group while fellow co-founder David Filo also continues his focus on that area.
In the posting on Yahoo’s website, Nazem, 45, said he simply wants to retire. “After spending the last 26 years in this fast-paced technology industry, I’ve finally decided it’s time to slow down,” wrote Nazem, who also worked at business software maker Oracle Corp before joining Yahoo.
Nazem’s departure comes at a pivotal time for Yahoo. After suffering an 11 per cent drop in its first-quarter profit, Yahoo is depending on long-awaited improvements to its advertising platform to boost its fortunes during the second half of this year.
In the Web posting, Nazem said he delayed his retirement until the new advertising formula was completed and he felt confident that his mission had been accomplished.