Yahoo will be closing up shop and completely exiting the South Korean market as the year ends.
According to Yahoo, the move is part of its effort to streamline its operations and focus more on its global business.
A former Google vice president, Mayer is bent on reshaping the company to regain its former glory. Part of her plan is to add key personnel to her team which is apparent in her hiring other former Google executives.
Meanwhile, here’s a full copy of the announcement made by Yahoo:
Statement About Yahoo! Korea
Posted October 18th, 2012 at 11:10 pm by Yahoo
Filed in: Corporate
Today Yahoo! announced that we plan to close our Korean business at the end of this year. This decision is part of our efforts to streamline operations and focus our resources on building a stronger global business that’s set up for long-term growth and success.
Since 1997, our team in Korea has provided high-quality editorial content and services, and has built a successful search advertising network. We’re proud of the work they’ve done. But despite the hard work of the team, the Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult.
Yahoo! is committed to Asia. We have a solid business in APAC and see a lot of opportunity for growth across our content properties, communications services and ecommerce sites. We’ll continue to focus on building great experiences for the millions of people across the region who come to Yahoo! every day.
Image from cackhanded on Flickr (CC)