The Hindu Business Line : Yahoo's Jerry Yang to step down

NEW YORK: Co-founder of Yahoo! Mr Jerry Yang will step down as the chief executive of the Internet giant, ending a 17-month long turbulent tenure which saw him rejecting a takeover bid from Microsoft.

Mr Yang's decision to step down follows months of criticism from various quarters on a range of issues, including his move to shun Microsoft's $47.5-billion buyout offer.

“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,” Yahoo! Chairman, Mr Roy Bostock, said in a statement o n Monday.

However, the 40-year-old Mr Yang would return to his “former role as Chief Yahoo!'' – the position for corporate strategy – once the successor is appointed, and would continue in the company's board.

Meanwhile, reports also suggest, with Mr Yang leaving the chief executive position, the merger talks with Microsoft might restart.

In recent months, the shares of Yahoo! have taken a severe beating and are currently trading at around $10. Though the scrip went up after the news of Mr Yang's stepping down came up, it closed at $10.63, down 1.76 per cent on the Nasdaq on Monday.

Mr Yang who assumed the chief executive role in June 2007 said that right from founding the company to guiding its growth “into a trusted global brand” he has always sought to do what is best for our franchise. “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 a nd our global talent to a new leader,” Mr Yang said. – PTI

Prev: Consumers prefer digital content services on mobile, PC: survey
Next: Pantaloon divests stake in joint venture

Business Line | NUS Index |