Last month we spoke about Marissa Mayer’s plan to hire great talent from within. Now it seems that her strategy is to hire former Googlers to higher-ranking positions at Yahoo! than they could ever expect at Google, which has matured to the point where vertical growth is all the more difficult to obtain.
Marissa Mayer’s recent pick is Andrew Schulte, whose responsibilities skyrocketed from that of a mere product marketing manager for Google’s Google Plus campaign to Chief of Staff at Yahoo!
Marissa Mayer’s recent move is typical of what many new CEO’s praised for their “foresightedness” do when joining a new company: fire the incompetent staff responsible for bringing down the company and hiring people from their former place of employment. In fact, Business Insider reports that practically everyone at Yahoo! expects that within 18 months each one will sooner or later be replaced with yet another disgruntled Googler.
If history teaches us anything, look at what happened to Apple when Steve Jobs came back as iCEO, as the company he was credited with starting lay in shambles. He got rid of most of the staff and board, replacing them with former NeXT employees, the company he owned prior to re-running Apple.
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She is getting to the second envelope.
A new CEO was hired to take over a struggling company. The CEO who was stepping down met with her privately and presented her with three numbered envelopes. “Open these if you run into serious trouble,” he said.
Well, three months later sales and profits were still way down and the new CEO was catching a lot of heat. She began to panic but then she remembered the envelopes. She went to her drawer and took out the first envelope. The message read, “Blame your predecessor.” The new CEO called a press conference and explained that the previous CEO had left her with a real mess and it was taking a bit longer to clean it up than expected, but everything was on the right track. Satisfied with her comments, the press – and Wall Street – responded positively.
Another quarter went by and the company continued to struggle. Having learned from her previous experience, the CEO quickly opened the second envelope. The message read, “Reorganize.” So she fired key people, consolidated divisions and cut costs everywhere she could. This she did and Wall Street, and the press, applauded her efforts.
Three months passed and the company was still short on sales and profits. The CEO would have to figure out how to get through another tough earnings call. The CEO went to her office, closed the door and opened the third envelope. The message said, “Prepare three envelopes.”