Yahoo! Inc (NASDAQ:YHOO) is going through bad times right now. Investors are criticizing the search company as Yahoo is falling way behind the competition like Google and even Microsoft’s Bing. If that was not enough, the company is now going through another blow as Kathy Savitt, Yahoo’s Media head is leaving the company.
Kathy Savitt, Yahoo’s CMO is leaving the company to join STX Entertainment. She will be in charge of the new company’s digital operations. On Friday, Kathy announced that she was leaving Yahoo to take up a new job as President, digital operations for STX Entertainment.
Under Savitt’s leadership, the company started many digital magazines. She also helped the company to make a partnership with Live Nation for webcasting one live concert a day. In spite of all these, some of the company’s media ventures weren’t successful in gaining traction with viewers and advertisers.
According to some sources, the relationship between Savitt and Yahoo’s CEO Marissa Mayer has become worse recently. The move shows the great shift in the company’s leadership. Scott Burke, the SVP of advertising and data platforms, also left Yahoo in August after a big chunk of his portfolio was given to other company executives. Dawn Airey, yet another top-level exec also left the company some time back.
In a statement, Yahoo said that it appreciated the contributions made by Ms. Savitt.
STX said Savitt will join in October.
“In a time of unprecedented change in the media industry, STX is redefining storytelling,” Savitt said in the statement. “Viewers are in control and each film or show has to earn its space in their time on its own merit.”
STX is a new company as it as found only last year, but the company is known for its great potential. Last year, the company released only one short budget horror flick called ‘The Gift’ and it raked in more than $40 million. The company is, however, planning to release 15+ title annually in the future.