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Yahoo Co-founder Jerry Yang to step down as CEO
By Assam on November 18, 2008
Jerry Yang, 40, the co-founder of Yahoo, is stepping down as the company’s chief executive officer. Yahoo announced on a Monday press release that it has began search for a new CEO and once a new successor is found Yang will return to his former role as Cheif Yahoo!
Yang took over the company’s CEO position in June 2007, after a request by the Board of Directors. He soon faced fierce criticism for rejecting a $ 47.5 billion takeover by Microsoft, in a deal that would have valued Yahoo at almost three times what it is worth today. Microsoft offered $33 per share, while Yahoo traded at just 10.63 dollars per share at the close of Monday trading. earlier this month, Google Inc, abandoned a joint advertising-deal with Yahoo, which was facing too many problems. So, the decision of Board of Directors to search a new CEO is no surprise.
“From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise,” said Jerry Yang. “When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth. Having set Yahoo! on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader. I will continue to focus on global strategy and to do everything I can to help Yahoo! realize its full potential and enhance its leading culture of technology and product excellence and innovation.”
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