YouTube Loses Veteran Leader As It Battled Growth Weakness, TikTok Frenzy
- Robert Kyncl quit as Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) YouTube chief business officer after over a decade at the video platform, the Wall Street Journal reports.
- Kyncl, who helped transform the Google unit from an upstart into a video giant, left it battling slowing growth and increased competition from ByteDance Ltd's TikTok.
- Kyncl, 51 years old, tweeted his departure, saying he had "decided to move on to the next challenge."
- Mary Ellen Coe, a veteran Google advertising sales executive, will replace Kyncl in October.
- Kyncl previously headed a project to create original programming on YouTube intensifying competition with streaming services like Netflix Inc (NASDAQ: NFLX). YouTube wound down the division in January this year after its shows struggled for an audience.
- Kyncl would remain at the company until 2023 to "ensure a smooth transition of leadership and complete key projects in music and product partnerships."
- Advertising sales on YouTube increased by 4.8% to $7.3 billion in Q2 versus 14% in Q1.
- YouTube explored launching an online store for streaming video services taking inspiration from Amazon.com Inc (NASDAQ: AMZN) and Apple Inc (NASDAQ: AMZN).
- Recently, Google declared a hiring freeze due to global economic uncertainty.
- Senior executives in the Google cloud sales department threatened layoffs lest the results failed the expectations.
- Price Action: GOOG shares traded higher by 1.15% at $111.61 in the premarket on the last check Tuesday.
- Photo via Wikimedia Commons
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