YouTube Loses Veteran Leader As It Battled Growth Weakness, TikTok Frenzy

Robert Kyncl quit as Alphabet Inc GOOG 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 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 AMZN and Apple Inc 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.
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