Jerry Yang to step down as Yahoo CEO

Sunnyvale (CA) – Yahoo said that it has begun looking for a newchief executive officer as Jerry Yang decided "to return to his formerrole as Chief Yahoo."

Surrendering the role as CEO of thecompany he co-founded concludes a rocky year for Jerry Yang – a year inwhich Yahoo received a $44.6 billion acquisition offerfrom Microsoft that eventually went up in flames as well as adeteriorating share price that currently lists Yahoo with a marketcapitalization of $14.7 billion.

Yang, 40, replaced Terry Semelin June of last year and transitioned the company to an open platformmodel and improved the alignment of costs and revenues.  "Jerry and theBoard have had an ongoing dialogue about succession timing, and we allagree that now is the right time to make the transition to a new CEOwho can take the company to the next level," Roy Bostock said.
 
Yahoo said that it is working with retained Heidrick & Struggles, an executive search firm, to find a replacement for Yang.

Yang said that he will focus on global strategy once a new CEO is appointed.

TG Daily

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