Jerry Yang, Yahoo Chief, Steps Down November 19, 2008
Posted by Mark Blei in : Uncategorized , trackbackSAN FRANCISCO — Jerry Yang, who, as chief executive of Yahoo, resisted a takeover bid from Microsoft only to later ask that merger talks resume, said he was stepping down.
In a memorandum sent to the company’s staff Monday evening, Mr. Yang, 40, said he would hold the post until the board names his successor, a process he said he would participate in. The Yahoo co-founder said he would then return to his previous job as “chief Yahoo,” a corporate strategy role, and would remain on the board.
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.”
The announcement comes a year and a half after Mr. Yang assumed control of Yahoo from Terry Semel, a Hollywood studio boss that he handpicked for the job. Mr. Yang’s tenure has been marked by a precipitously declining stock price and the high profile collapse of a $44 billion acquisition offer from Microsoft last spring.
A Yahoo spokesman described the decision as “mutual” and “in progress for a while.”
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