The road ahead

Picking up hardware for my first remote day.

When I joined my previous company after working for such a long time at Yahoo I would have never expected that I need to look for a new job so soon!

The Covid-19 crisis hit MairDumont Netletix really hard because of the close proximity to the travel industry and advertising budgets basically vanishing in the tourism area. We went on short work time (50% of the usual work time in my team – 4 hours per day) in April 2020 but I didn’t see the company attempting any turn-around whatsoever. To be frankly Yahoo had one foot in the grave for some time but there have been always people who came in and tried to turn things around. I.e. Marissa Mayer or Tim Armstrong who have been trying really hard to get Yahoo, later Oath and Verizon Media on a trajectory of growth. The lady who gave up on turning Yahoo around was Carol Bartz and she was ousted because of that.

Where did I decide to go? The company is AutoScout24, a European automotive classifieds leader. Why? The job fits my profile better. The team and company profile convinced me. Overall, I believe in the sustainability of the cars business with electric drive. Used cars help to reduce the ecological footprint as they run much longer after changing the owner and of course during the Covid-19 crisis people prefer individual transport. Of course advertising budgets can fluctuate in times of a lockdown but personally I think used cars are a solid business in times of a crisis. The company is a carve-out from Scout24 AG after the acquisition by Hellman & Friedman (https://hf.com/hf-to-acquire-autoscout24/) and the price that has been paid makes me really feel good. It was a whopping 2.8 Euro. German Internet companies rarely get sold in that range.

Update: After 3 months in the new company I can only say this was one of my best decisions. Meanwhile MairDumont Netletix has been acquired by Ströer, a giant in the German Internet business but not all employees have been taken over.