Yahoo (parent company of Yahoo Auctions) will look for a new CEO. Tim Koogle will stay on at Yahoo as its chairman. The company also said it now expects first quarter 2001 revenues in the $170 million to $180 million range, citing the weakening macroeconomic climate and resulting shortfall in marketing spending due to the economic uncertainty. Finally, Yahoo announced that its Board of Directors has authorized a stock repurchase program. Yahoo may acquire up to $500 million of its outstanding common stock in the open market from time to time over the next two years, depending on market conditions, share price and other factors. As of March 1, 2001, Yahoo! had approximately 565 million shares of common stock outstanding.
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