Yahoo has appointed veteran technology executive Carol Bartz as CEO, ending a two-month search.
But it appears the appointment did little to stop the struggling online firm's sliding fortunes, with investors marking down the stock price 2% after the announcement.
The Financial Times' Lex column Wednesday noted that early reports of Bartz's appointment had taken 1% of the share price - "the investment equivalent of a Gallic shrug."
The FT adds that investors have seen Bartz's appointment as a safe but uninspired choice. Yahoo shares closed at $12.10 yesterday, less than a third of its late 2007 peak.
Bartz acknowledged that Yahoo had a turbulent 2008. "There is no denying that Yahoo! has faced enormous challenges over the last year," she said, "but I believe there is now an extraordinary opportunity to create value for our shareholders."
Bartz is the former chief executive of CAD software design company Autodesk, and has also held management and executive-level positions at Sun, DEC and 3M.
Yahoo chairman Roy Bostock said the company appointed Bartz for her management expertise and her understanding of the challenges facing IT. He said she was the only person who had been offered the CEO job.