Yahoo! CEO Jerry Yang Steps Down
Yahoo! is looking for a new CEO. It appears as though Jerry Yang's hardball with Microsoft and then later failure on not being able to close an advertising deal with google ended up costing him his job. He is expected to still serve on the board of Yahoo! however, even though he lost his CEO position. Yang started out at Yahoo! in June 2007 when he promised he would win back users and all the ad revenues which were lost to the competition of Google. Ever since Yang came into the company Yahoo!'s stock has plunged by nearly 60%.
This news also means Yahoo! might seek another offer from Microsoft but the question right now really is does Microsoft still have any interest in Yahoo? With all that movement and crisis in the valley, Yahoo! also announced severe cuts in spending as of October 2008.
Yahoo! Inc. Chief Executive Officer Jerry Yang will step down, following his failure to negotiate a takeover by Microsoft Corp. and broker an online advertising agreement with Google Inc.