Yahoo Chief Decides to Step Down

November 18, 2008

(ChattahBox) — Jerry Yang, Chief Executive of Yahoo!, has decided to step down from his position. He had earlier resisted the take over bid from Microsoft. Now he has resumed the talks for a probable merger between the two companies. Yang had stepped into the role of Chief Executive back in June 2007. “I will always do what is right for this great company,” said an email from him to his employees.

Yang shall be working with Yahoo!’s chairman, Rob Bostock, to select his successor. The board had expected such a move from him since past several weeks. “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,” Yahoo! Chairman Roy Bostock said in a statement on Monday. “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 with Yahoo! as a key executive and member of the Board,” Bostock added.

Yang will however return to the company’s board once his successor is appointed. He would resume his position as Chief Yahoo! and take care of more behind-the-scenes strategic roles.

Yahoo stocks are expected to bounce on the stock exchange as the investors celebrate his exit. The stocks are expected to show a rally as they anticipate more changes within the company and a probable a merger with Microsoft or a complete takeover. The stocks rose 4.4 percent yesterday in late trading sessions.

Yang had drawn enough criticism during his 18 month tenure in his position as a Chief Executive Officer. The deal with Microsoft failed as he resisted the take over, Google also backed out from an advertisement deal citing regulatory hurdles as the reason.


Comments

Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of ChattahBox.com - Comments are the opinions of the individuals leaving them, and not of ChattahBox.com or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.