It shouldn’t come as a surprise that Yahoo CEO and co-founder Jerry Yang has stepped down. He’s probably relieved about this decision. But probably more relieved are the shareholders, who will likely bid Yahoo shares up during Tuesday trading.
Here’s the release:
Yahoo! Inc. today announced that its Board of Directors
has initiated a search for a new Chief Executive Officer. Jerry Yang,
co-Founder of Yahoo!, has decided to return to his former role as Chief
Yahoo! upon the appointment of his successor as CEO, and he will also
continue to serve on the Board. Yang, 40, assumed the CEO role at the
Board’s request in June 2007, and he has led Yahoo! through a strategic
repositioning and transformation of its platform.
Chairman Roy Bostock, working with the independent directors and in
consultation with Jerry Yang, is leading the process of assessing
potential candidates and determining finalists for consideration. 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.
“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 Roy 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.”
“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,” said Jerry Yang. “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.”
We wish Jerry Yang all the best as he focuses on the company’s global strategy.
(Image sources: Portfolio.com and ontechnology.com)
