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Jerry Yang resigns as CEO of Yahoo - Printable Version

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Jerry Yang resigns as CEO of Yahoo - forwardone - 11-18-2008 11:58 AM

Jerry Yang has resigned from his position as Yahoo CEO, sparking suggestions the company's takeover deal with Microsoft might be resurrected.

Yang, who co-founded Yahoo, steps down after 18 months in the role during which the company looked to reaffirm itself as a leading internet player.

However, the year and a half has seen Yahoo fend off Microsoft's approaches, cope with internal revolt resulting in a board-level restructure, while last month its proposed search deal with market leader Google collapsed.

Most recently Yahoo shares traded at approximately $10 (£6.70), well below Microsoft's offer of $33 (£22) a share back in February.

Nevertheless, in an internal memo to his employees Yang said he believed Yahoo was in a powerful position.

"The fact remains that Yahoo! is now a significantly different company that is stronger in many ways than it was just 18 months ago," he said. "This only makes it all the more essential that we manage this opportunity to leverage the progress up to this point as effectively as possible."

"I strongly believe that having transformed our platform and better aligned costs and revenues, we have a unique window for the right CEO to take ownership over the next wave of mission-critical decisions facing the company," he added.

Yang, who returns to his former roles as chief Yahoo and remains on the board of directors, said he will be heavily involved in finding his replacement. Susan Decker, Yahoo president, has already been revealed as a candidate by a company spokesman.

"All of you know that I have always and will always bleed purple," Yang's statement to employees continued. "I will always do what I think is right for this great company. While this step will be an adjustment for all of us, I know it's the right one."

Ray Bostock, Yahoo chairman, said, "Jerry and the board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level."

Yang's decision to step down has already led to speculation that Yahoo will look to resurrect the Microsoft deal, despite Microsoft CEO Steve Ballmer saying earlier this month that it would not happen.


http://www.nma.co.uk/Articles/40461/Jerry+Yang+resigns+as+CEO+of+Yahoo.html