Tech & Biz

Yahoo! CEO Jerry Yang Steps Down

by mazevedo | November 17, 2008 at 05:34 pm

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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.

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Sanjay Jha

at 19:18 on November 17th, 2008

Thanks for posting this. With economic downturn and yahoo's bottom rock share prices, the new CEO will have tough job to revive old glory of yahoo.

mazevedo

at 23:39 on November 17th, 2008

That's for sure! Thanks for the comment!

As for Yahoo's next CEO:

Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to evaluate candidates, both internally and externally.

jessica.lam

at 13:38 on November 18th, 2008

Intense. This is what he had to say:

In a memorandum typed in his style using no capital letters, he wrote, “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.”