Forums » Discussions » Verizon Media executives still don't know if they'll have a job as Apollo tries to close the Yahoo
Apollo Global Management is preparing to close its $5 billion acquisition of Verizon Media on Sept. 1, and private equity has recently shocked its existing executives. Known as Yahoo Apollo did not inform Verizon Media leadership, including Chief Executive Guru Gowrappan, about their new role at the company when private equity firms take over, according to people familiar with the matter.
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The lack of data frustrates current Verizon employees, who don't know if they have a long-term future with the company, who asked not to be named because the conversation was private.Private acquisitions often lead to major leadership changes. Strategic changes are often the main reason for the transaction and Verizon Media, which will officially change its name to Yahoo when it shuts down.
Unlikely to be excluded, Apollo works with Egon Zehnder, an executive search firm. to seek new leaders The search included former Bleacher Report CEO Howard Mittman for a two-person "head of sports" role, said Mittman, who left Bleacher Report last year amid concerns about a lack of diversity at the company. declined to comment. Mittman is not expected to be selected for a position in the company.
According to the opinion of a person familiar with the idea of Apollo Apollo's failure to communicate future roles for existing leaders conflicts with the private equity firm's public statement that it is committed to working with its management team.We have a lot of respect and admiration for the great work and progress the entire organization has made over the years. And we look forward to working with Guru.
His talented team and our partners at Verizon to accelerate Yahoo's future growth chapter,” Apollo private equity partner Reed Rayman said in a statement when the deal was announced in May.Verizon will take a 10 percent stake in the new Yahoo and strike a deal with Assumption, Gowrappan and his team will continue to run the company, the two said, while Apollo has incentives to wait until the deal closes to begin.