Yahoo CEO Steps Down
Monday, November 17, 2008 21:30No Comments
Jerry Yang’s troubled tenure as chief executive of Yahoo Inc. ended Monday, when the Internet giant announced that he will step aside and that its board of directors is seeking a replacement.
The 40-year-old Yang’s departure comes after a troubled 17 months in which he presided over the Internet giant he co-founded, a period marked by failed mergers and partnerships, and a plunging stock price.
His resignation also comes six months after Yahoo, sending Yahoo’s stock into a tailspin from which it still hasn’t fully recovered. And it comes only two weeks after Google Inc. announced that it was walking away from an advertising revenue-sharing deal that would given Yahoo a much needed financial boost.
“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,” Chairman Roy Bostock said in a statement Monday.
Yahoo said Yang will remain as CEO until his successor is named. He will also remain as a Yahoo board member after the new CEO is hired, and will resume his previous, relatively undefined role as “Chief Yahoo,” the company said.
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