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Yahoo's HotJobs CEO punches out

The Web portal says Dimitri Boylan, CEO and co-founder of its recently acquired job-listing site, will step down later this month to pursue other interests.

Web portal Yahoo said Wednesday that Dimitri Boylan, the CEO and co-founder of its recently acquired job-listing site, HotJobs.com, will step down from his position by the end of the month to pursue other interests.

Boylan will remain at the company until May 31 as a consultant. Yahoo is conducting a search for his replacement.

Boylan's resignation comes a month after Yahoo completed its acquisition of HotJobs for about $439 million in cash and stock. The purchase was intended to boost Yahoo's listings services, which could generate subscription revenue for the company.

The majority of HotJobs' revenue is derived from employers and recruiters who pay the site to list job openings.

Yahoo has made it a priority to diversify its revenue sources beyond advertising. The Sunnyvale, Calif.-based company is heavily dependent on advertising and has been hurt badly by the overall pullback in the sector, as witnessed by the 44 percent drop in its marketing services revenue in 2001.

To acquire HotJobs, Yahoo outbid TMP Worldwide, the parent company of rival job site Monster.com.