Monday, November 17, 2008

Jerry Yang to Step down as CEO of Yahoo.

In a sentimental memo to his employees, Jerry Yang announced his departure from Yahoo. He will continue to be 'Chief Yahoo' and will be present as a member of the Board of Directors.

Mr.Yang took the mantle of CEO in June 2007. His tenure as CEO was marked by a spate of failed attempts to lift Yahoo out of the doldrums including the botched up deal with Microsoft,the abandoned search deal with Google followed by possible merger talks with AOL that went nowhere.

Chairman Roy Bostock, working with the independent directors and in consultation with Jerry Yang, is leading the process of assessing potential candidates to take over the position of CEO after Mr Jerry Yang steps down. The search will encompass both internal and external candidates, and the Board has retained Heidrick & Struggles, a leading international executive search firm, to assist in the process.

According to the statement issued by the company, Mr. Jerry Yang will step down as CEO as soon as a successor is appointed. He 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."

Whether this rekindles hopes of any deal with Microsoft or anybody else for that matter is up in the air....for now.

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