Yahoo said Jeff Mallett will step down as president and chief operating officer in April. He is leaving Yahoo to take advantage of greater flexibility for family and business interests. Mallett, who joined Yahoo in 1995 as its 12th employee, will continue as president and chief operating officer through April, working with the management and operations teams to execute the company strategy, as well as facilitate a smooth transition.

Yahoo also announced 2001 year-end results: Net revenues for fiscal 2001 were $717.4 million compared to net revenues of $1,110.2 million in fiscal 2000. "While 2001 was a year of challenges and transition, Yahoo! adapted and executed to end the year on a high note, with fourth quarter revenues and income exceeding the business outlook we previously provided. As we reorganized the business and reduced costs throughout the year, Yahoo! managed through the difficult environment. We continue to focus on long-term growth as we execute our strategy of building a diversified global business," said Terry Semel, chairman and chief executive officer, Yahoo!.

Interesting Highlights

Yahoo! enabled approximately $1.5 billion in commerce transactions in Q4 2001

Yahoo! launched the new Yahoo! Shopping network, which integrates the company's U.S. commerce offerings including: Auctions, Classifieds, Shopping and Warehouse, the new discount shopping platform.

Yahoo! also introduced a new performance-based pricing model for Yahoo! Auctions resulting in a 24 percent increase in U.S. listings since November. Yahoo! Auctions began charging sellers based on the final value of an item sold, while reducing item listing fees, making it more cost effective to list on Yahoo! Auctions and deepening Yahoo!'s relationship with the selling community.

Yahoo! Finance introduced Money Manager, a free set of financial tools and services that provides an integrated view of an individual's financial life, organizing and summarizing everything consumers need to know about their money in one convenient online location.

Yahoo! Finance recently announced an agreement with Intuit to offer consumers online tax preparation and filing services through the Yahoo! Tax Center.