14 DAY TRIAL // On November 17, Yahoo announced that co-founder Jerry Yang would be stepping down from the position of Chief Executive Officer. However, the Sunnyvale-based Internet giant is not CEO-less. Yang will hold on to the position until his successor will be identified. According to Yahoo, the Board of Directors has already debuted the search for a new Chief Executive Officer. Under Yang's lead, Yahoo resisted a $44 billion unsolicited takeover bid from Microsoft in 2008, and chose to partner with Google, instead, on online advertising, a move which ended up going nowhere because of monopoly concerns, and the failure of the two companies to see any love from antitrust regulators.
"From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise," Jerry Yang revealed.
"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."
Upon the selection of a new CEO, Yang will return to his position of Chief Yahoo, and will continue to serve as a member of the Board of Directors. With shares closing at $10.63, Yang stated in a memo to all Yahoo employees that the company was stronger, compared to 18 months ago. The future to be ex-Yahoo CEO made no indication, whatsoever, that he was willing to rekindle negotiations with Microsoft. However, the Redmond company indicated that it washed its hands of Yahoo. Chairman Roy Bostock is currently leading the harvesting effort for a new Yahoo Chief Financial Officer.
"Over the past year and a half, despite extraordinary challenges and distractions, Jerry Yang has led the repositioning of Yahoo on an open platform model, as well as the improved alignment of costs and revenues," Roy Bostock explained. "Jerry and the Board have had an ongoing dialog 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. We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo! as a key executive and member of the Board."