Company also announces date of First Quarter
2016 Financial Results
Yelp Inc. (NYSE:YELP), the company that connects people with
great local businesses, today announced that Charles “Lanny” Baker
will join the company as Chief Financial Officer, effective May 9,
2016. Baker brings a well-rounded executive background to Yelp,
having served both sides of the financial aisle as an equities
research analyst and as an experienced CFO for both private and
public companies, with an expertise in consumer-oriented digital
platforms.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160420005410/en/
Lanny Baker, Yelp Chief Financial
Officer, effective May 9, 2016. (Photo: Business Wire)
“We are excited to have Lanny join Yelp as our new CFO. His
expertise and sheer passion for our mission made him the perfect
fit,” said Jeremy Stoppelman, Co-Founder and CEO of Yelp. “His
track record of success across the financial, strategic and
operational areas of digital businesses will be an important asset
to the company as we continue to rapidly scale our advertising and
transaction businesses.”
As a former CFO for two digital companies, ZipRealty and Monster
Worldwide, Inc., and sell-side analyst covering internet and
e-commerce, direct marketing and publishing industries, Baker has a
successful track record of building and measuring corporate finance
strategies rooted in long-term growth objectives. Additionally, he
has led the infrastructure development processes that helped
position those brands to be end-to-end digital platform providers
for their consumers.
“It is a privilege to assume this important role at Yelp. The
company has a huge market opportunity ahead of it, and I'm looking
forward to joining the team at such an exciting time in Yelp's
development,” said Mr. Baker. “As the clear category leader
providing insight about local businesses, Yelp's mission is one
that truly inspires me.”
Most recently, Mr. Baker served as Chief Executive Officer and
President of ZipRealty, Inc., an online real estate brokerage and
technology company (September 2010 - March 2016), during which time
ZipRealty was acquired by Realogy Holdings, Inc. (August 2014).
Previously, Mr. Baker served as Executive Vice President and Chief
Financial Officer of ZipRealty (December 2008 - September 2010),
which operates in 22 states and had annual homes sales in excess of
$5 billion. Additionally, he served as Senior Vice President and
Chief Financial Officer of Monster Worldwide, Inc. (March 2005 -
June 2007) where he led the global finance function. From 1993 to
2005, Mr. Baker held various research positions at Salomon Brothers
(subsequently Salomon Smith Barney, and then Citigroup) and was a
Managing Director in the Equity Research Department.
Mr. Baker currently serves as a director of XO Group, Inc.
(November 2005 - present), a life stage consumer Internet and media
company, where he chairs the Audit and Nominating and Corporate
Governance Committees; and also recently served as director and
Chairman of the Audit Committee (2011 - December 2015) of HomeAway,
Inc., an online vacation rental company, which was acquired by
Expedia, Inc.
Mr. Baker holds a bachelor’s degree from Yale College and is a
chartered financial analyst.
Date of First Quarter 2016 Financial Results
The company also announced that it will issue its financial
results for the first quarter ended March 31, 2016 after the market
close on Thursday, May 5, 2016. Yelp will host a conference call to
discuss the results at 1:30 p.m. Pacific Time (4:30 p.m. Eastern
Time) on the same day.
To access the call, please dial 1 (866) 776-8879, or outside the
U.S. 1 (440) 996-5670, with Passcode 90874309, at least five
minutes prior to the 1:30 p.m. PT start time. A live webcast of the
call will also be available at http://www.yelp-ir.com under the
Events & Presentations menu. An audio replay will be available
between 4:30 p.m. PT May 5, 2016 and 11:59 p.m. PT May 12, 2016 by
calling 1 (855) 859-2056 or 1 (404) 537-3406, with Passcode
90874309. The replay will also be available on the Company's
website at http://www.yelp-ir.com.
About Yelp
Yelp Inc. (http://www.yelp.com) connects people with great local
businesses. Yelp was founded in San Francisco in July 2004. Since
then, Yelp communities have taken hold in major metros across more
than 30 countries. Approximately 20 million unique devices1
accessed Yelp via the Yelp app, approximately 75 million unique
visitors visited Yelp via desktop computer2 and approximately 66
million unique visitors visited Yelp via mobile website3 on a
monthly average basis during the fourth quarter of 2015. As of
March 15, 2016, Yelpers had written 100 million rich, local
reviews, making Yelp the leading local guide for real word-of-mouth
on everything from boutiques and mechanics to restaurants and
dentists.
1 Calculated as the number of unique devices accessing the app
on a monthly average basis over a given three-month period,
according to internal Yelp logs.
2 Calculated as the number of “users,” as measured by Google
Analytics, accessing Yelp via desktop computer on an average
monthly basis over a given three-month period.
3 Calculated as the number of “users,” as measured by Google
Analytics, accessing Yelp via mobile website on a monthly average
basis over a given three-month period.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of Yelp and its
consolidated subsidiaries, that are based on Yelp’s current
expectations, forecasts and assumptions and involve risks and
uncertainties. These statements include, but are not limited to,
statements regarding the CFO transition and timing thereof, Yelp’s
ability to capture a meaningful share of the large local market,
Yelp’s ability to rapidly scale its advertising and transactions
businesses, Yelp’s market opportunity and Yelp’s ability to deliver
value to local businesses. Yelp’s actual results could differ
materially from those predicted or implied and reported results
should not be considered an indication of future performance.
Factors that could cause or contribute to such differences include,
but are not limited to: Yelp’s limited operating history in an
evolving industry; Yelp’s ability to generate sufficient revenue to
regain profitability, particularly in light of its significant
ongoing sales and marketing expenses; Yelp’s ability to
successfully manage acquisitions of new businesses, solutions or
technologies, such as Eat24, and to integrate those businesses,
solutions or technologies; Yelp’s reliance on traffic to its
website from search engines like Google and Bing; Yelp’s ability to
generate and maintain sufficient high quality content from its
users; maintaining a strong brand and managing negative publicity
that may arise; maintaining and expanding Yelp’s base of
advertisers; changes in political, business and economic
conditions, including any European or general economic downturn or
crisis and any conditions that affect e-commerce growth;
fluctuations in foreign currency exchange rates; Yelp’s ability to
deal with the increasingly competitive local search environment;
Yelp’s need and ability to manage other regulatory, tax and
litigation risks as its services are offered in more jurisdictions
and applicable laws become more restrictive; the competitive and
regulatory environment while Yelp continues to expand
geographically and introduce new products and as new laws and
regulations related to Internet companies come into effect; Yelp’s
ability to timely upgrade and develop its systems, infrastructure
and customer service capabilities. The forward-looking statements
in this release do not include the potential impact of any
acquisitions or divestitures that may be announced and/or completed
after the date hereof.
More information about factors that could affect Yelp’s
operating results is included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Yelp’s most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q at http://www.yelp-ir.com or
the SEC’s website at www.sec.gov. Undue reliance should not be
placed on the forward-looking statements in this release, which are
based on information available to Yelp on the date hereof. Yelp
assumes no obligation to update such statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160420005410/en/
Yelp Inc.Media Relations Contact:Shannon Eis,
415-635-2478press@yelp.comInvestor Relations Contact:Allie
Dalglish, 415-635-2412ir@yelp.com
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