Breaking News: Yang Steps Down As Yahoo’s CEO
Yahoo’s cofounder Jerry Yang will step down as CEO and return to his former role as Chief Yahoo. Yahoo Board of Directors has initiated a search for a replacement. Jerry will transition as soon as they appoint a successor.
Yang, 40, has been the CEO since June 2007 when the Board of Director requested that he take the lead role. He has led Yahoo through a strategic repositioning and transformation of its platform. However Yahoo has struggled this year with plummeting stock value starting with the rejection of Microsoft’s attempt to acquire Yahoo. Recently the Yahoo Google deal also fell through.
“From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise,” Yang said.
“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.”
Chairman Roy Bostock is in charge of leading the search new potential candidates to fill this role. They will be looking both internally and externally. Heidrick & Struggles, an international executive search firm, will also be helping with the process.
“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,” said Bostock. “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. 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.”
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