Yahoo co-founder Yang quits as chief executive

25-11-2008

Yahoo co-founder Yang quits as chief executive
Yahoo co-founder Jerry Yang has stepped down as chief executive from the internet firm.

Following a torrid year for the company, as Yahoo turned down a $47 billion takeover offer from Microsoft only to see a tie-up with Google collapse and its share price dive, Mr Yang said it was time for a new leader.

Mr Yang, 40, will remain on the board, however.

"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 Mr Yang.

"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."

The board of Yahoo asked Mr Yang to take on the role as chief executive in June 2007 to reposition the company.

However, his decision to turn down Microsoft, insisting the $33 a share offer undervalued the firm, has been questioned by shareholders now the share price has fallen sharply to around $12 a share.

Once Google abandoned an advertising deal with Yahoo, commentators predicted Mr Yang's tenure was up.

Yahoo said chairman Roy Bostock is leading the search for a new chief executive, and the board has retained headhunting firm Heidrick & Struggles to assist.

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