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Yahoo's Unpopular CEO Finally Steps Down

Posted 11/19/08 at 10:35:38 AM  by Paul Lilly

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Yahoo co-founder and chief executive Jerry Yang has spent the better portion of 2008 staving off a takeover attempt by Microsoft that threatened to go hostile, a decision that hasn't always been a popular one with Yahoo shareholders. Nor has it sat well with the 10 percent of employess facing a job cut by the end of the year. Now, just 18 months after stepping into the role as CEO, Yang has announced his pending resignation and will return to his role as Chief Yahoo once a successor is in place.

"All of you know that I have always, and will always, bleed purple," Yang wrote in letter to all Yahoo employees. "I will always do what I think is right for this great company. While this step will be an adjustment for all of us, I know it’s the right one. I look forward to updating you on this process as soon as the board has developments to share, and will continue to do everything I can to make Yahoo! fulfill its full potential."

No front runner for the position of CEO has yet emerged, but Yang did say the board will consider both internal and external candidates. Hired to help in the search is international executive search firm Heidrick & Struggles, with the overall effort being led by Roy Bostock, Yahoo's chairman of the board.

Does this change anything in terms of a takeover? Hit the jump and give us your prediction on where Yahoo goes from here.

Image Credit: IPDI.org

COMMENTS:5
TAGS: Yahoo, search, ceo, jerry yang, resignation
COMMENTS
avatarummm

Submitted by Stockislander on Wed, 11/19/2008 - 7:39pm

Chief Yahoo? Really? Not sure that's a job title I'd want...

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avatarTakeover requires a makeover.

Submitted by Cache on Wed, 11/19/2008 - 5:40pm

Microsoft doesn't need to buy out Yahoo! at the moment--they can let Yahoo waste all its cash trying to salvage itself (and failing to grasp the reality of their situation) and then purchase them piecemeal.  MS can eat Yahoo a little bit at a time rather then spend their cash on inflated prices for worthless gains.

In the meantime, what Yahoo needs to do (why aren't they hiring me?) is to identify monetary gains from new avenues outside of the stomping grounds of Google.  There's still a lot to go after, especially some truly delicious stuff attached to government agencies, but Yahoo needs to stop trying to be Google, and regain it's focus.  If they can makeover the mess they created for themselves, they won't need to worry about a takeover.

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avatarI think in this economy, the

Submitted by jcollins on Wed, 11/19/2008 - 9:28am

I think in this economy, the merger/acquisition is off the table.  It would be insane for Microsoft to try and do it now.  Yang really drove Yahoo into the ground with his ego there.  I question whether or not we'll see Yahoo around in a couple years.

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avatarBallmer already stated today

Submitted by TheMurph on Wed, 11/19/2008 - 9:53am

Ballmer already stated today that talks with Yahoo are d-o-n-e done.  I'm not sure that's the same kind of declaration as the one Yahoo execs were saying just last month when they promised that there was no truth to the notion that Yang was going to be replaced as CEO.  Whoops.

Yahoo is hemmoraging.  While it might have looked like an attractive acquisition some months ago, Microsoft purchasing Yahoo now would be more a charity case than prudent business decision.

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avatarNecessary Evil?

Submitted by Wareagle on Wed, 11/19/2008 - 9:12am

As much as I'm not a fan of Microsoft, the buyout would have given both companies the competitive edge they need to compete with Google.  Monopolies are never good, and ironically, Microsoft could prevent one from happening with Google.

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