Yahoo Taps Newspaper Vet For New Classifieds Division
- by Mark Walsh @markfwal, September 14, 2006
The new Marketplaces unit will include autos, classifieds, HotJobs, personals, real estate, shopping and auctions, travel, and Yellow Pages. These properties were overseen by several different executives before Schneider's appointment, said a Yahoo spokeswoman.
Schneider, who will start Monday, led Knight Ridder's digital division before being promoted last year to senior vice president, reporting directly to CEO Tony Ridder. Previously, Schneider was president and CEO of Red Herring Communications, and held the same post at Times Mirror Interactive.
"Hilary has extensive experience in both the operational and technological aspects of classifieds and media businesses that will enable her to provide important strategic direction to our new Marketplaces group," said Yahoo CFO Susan Decker, in a prepared statement.
Schneider's hiring follows recent steps taken by Yahoo to expand or improve its listings properties, including the revamping of its real estate section with more maps and local market data. No doubt Yahoo wants a bigger share of the thriving online classifieds market--expected to grow by 32 percent next year to $7.7 billion, according to research firm Borrell Associates.
Robert Niles, editor of Online Journalism Review, said it made sense for Yahoo to hire a "newspaper dot-com" veteran like Schneider to help increase classified revenues. "Newspaper people have been doing this for decades," he said.
He added that the move was also consistent with Yahoo's recruitment of other executives from newspaper or traditional media companies such as Yahoo News General Manager Neil Budde, formerly publisher of the Wall Street Journal Online.
Yahoo said that Schneider had helped Knight Ridder to triple online revenues and increase profit margins significantly during her tenure as head of its digital division.
Earlier this year, Knight Ridder was acquired by McClatchy Co. for approximately $4.5 billion.
