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Square Inc. CEO Jack Dorsey has lured a top Yahoo executive away from CEO Marissa Mayer.
Jacqueline Reses had been Yahoo’s chief development officer and her move to Square is viewed as a blow to Yahoo, sources told BloombergBusiness.
Yahoo has lost a handful of top executives recently. Senior vice president of marketing partnerships and platforms Lisa Licht exited the tech giant last week, sources told Re-code. No announcement has been made regarding where she is headed.
Reses’ appointment was made following a flood of high-profile news reports regarding Dorsey’s appointment as Twitter CEO. At the same time, Dorsey was permitted to retain that same title at Square, which he also co-founded. The arrival of the battle-tested Reses to bolster Square’s management team could mitigate lingering concerns about him serving double-duty.
Square recently filed for its IPO. The San Francisco-based company seeks to replace traditional point-of-sale systems with tablets. It offers small businesses and startups a free credit card reader upfront. The company also provides a variety of step-up services that payment processors historically have not offered.
Mayer has been running Yahoo for more than three years while her management team has been repeatedly plundered by rivals including Google and Facebook. Chief Marketing Officer Kathy Savitt, also hired under Mayer’s leadership, left to join movie-studio STX Entertainment. Kevin Gentzel, head of North America ad sales, and Mike Kerns, senior vice president, both left for other companies as well.
Image: Jacqueline Reses/LinkedIn
Aira Bongco
Interesting. I am wondering why top executives from Yahoo are leaving. Is it because the offer is so enticing or does it mean that there is a weakness in Yahoo that we must know. Intriguing indeed.