Hearst Corp. announced Monday that Neeraj Khemlani, Yahoo!'s (YHOO) general manager and executive editor of news, has been named to the new position of vice president and special assistant to the CEO for digital media.
In his new role, Khemlani will promote and coordinate digital content across Hearst, starting March 23.
"Hearst's major operating groups have all made substantial progress towards our corporate objective of fully participating in the digital transformation," said Hearst CEO Frank Bennack in a statement. "The creation of this new position is designed to accelerate the progress through greater cooperation and synergy across divisional lines."
Khemlani chimed in, as well. "We are witnessing the reemergence of content and media driving value in the new world and Hearst is uniquely positioned to realize that value across multiple digital platforms and distribution points," he said. "Remember, we're only in the second inning of the Internet. Hearst, with all its assets and investments, expects to take a commanding lead by the seventh-inning stretch."
Khemlani, 38, managed the business and products of Yahoo! News, Tech, Weather and Education, and the editorial programming for Yahoo! Finance, as executive editor.
The news of Kehmlani's defection comes amid speculation in the media that Yahoo!'s new CEO, Carol Bartz, is planning a large shakeup beginning this week. Bartz is tasked with bolstering clout for the company, long in the news for a string of unconsummated partnership and deal talks with the likes of
Yahoo! shares closed down 1.4% to $11.97 Monday, faring slightly better than the Nasdaq, which slipped 3.7%.