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Yahoo to search for new CEO
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THE Internet portal Yahoo will seek a new chief executive to replace Timothy Koogle, and warned on Wednesday its first quarter profits would not meet analysts' expectations.
Yahoo, which saw trading of its stock suspended on the Nasdaq most of the day, announced a dramatic amendment to its projected revenue figures, down to between US$ 170 million and US$180 million from its forecast US$220 million to US$240 million.
Koogle said late on Wednesday he will continue in the role of chief executive until an appropriate replacement is found.
"All businesses in the United States are facing challenging economic conditions that have weakened further in recent weeks," Koogle said in a statement. "As consumer confidence and spending have deteriorated, a broad range of customers have delayed their spending across all media formats until their economic outlook improves."
The news sent Yahoo's stock plummeting 3-5/8 dollars to 18-3/4 after trading resumed.(SD-Agencies)
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