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Yahoo CEO Jerry Yang To Step Down

Gordon Kelly

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Yahoo CEO Jerry Yang To Step Down

Oh Jerry, Jerry where did it all go wrong? Oh yes, here.

Yes, ever since the Microsoft takeover bid was rejected in January and bankers decided to sell people mortgages they could never afford poor old Mr Yang has been on a hiding to nothing. That culminated last week when firstly Yahoo lost its Google AdSense deal and then Microsoft CEO Steve Ballmer rubbed salt in the wounds by declaring his company was no longer interested in a buy-out and had Moved On.

Consequently, with Yahoo's value now drastically reduced and jobs on the line Jerry has stepped forward and offered up his. In a long (strangely capitalisation free) memo to employees Yang explained: "i wanted to address all of you on the news we've just announced. the board of directors and I have agreed to initiate a succession process for the ceo role of yahoo!... i will be participating in the search for my successor, and i will continue as ceo until the board selects a new ceo. once a successor is named, i will return to my previous role as chief yahoo and continue to serve as a director on the board."

His anti-upper case statement continued: "all of you know that I have always, and will always bleed purple. 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."

Yang/yang (?) also said he believed Yahoo to be in a stronger position now than 18 months ago (that one's a real stretch) but with shareholders baying for blood the move was inevitable.

Of course this is all a million miles away from Yang's bullish declaration to Microsoft in April: ""We consider your threat to commence an unsolicited offer and proxy contest to displace our independent Board members to be counterproductive and inconsistent with your stated objective of a friendly transaction. We are confident that our stockholders understand that our independent Board is best positioned to objectively and knowledgeably evaluate our Company's alternatives and to maximize value."

Oh dear Jerry...

Link:

via AllThingsD

Craig Turner

November 19, 2008, 9:42 pm

I read recently (TimesOnline?) that it would be a good buy for....Apple(!). They have 24Bn in cash, with no debts. I do believe that would be enough with change to buy Yahoo! I certainly believe that it would be a cool idea for Apple to do so. To bring the Apple image to the long standing users of the internet who still love Yahoo! It certainly would have the internet buzzing with speculation as to what direction it would head should Apple do such a thing. Personally I feel Yahoo is lost without a major computer company behind it such as MS or Apple. Ever since the boom of Google who is also a money magnet, Yahoo seems lost as to what to do now. Usually people stick to their own ISP's homepage or Google, oh and some are forced to use MSN homepage. To use Yahoo! is to know of the company from the very beginning, which is good but won't bring new people to it without a new direction/backer.

Gordon394

November 19, 2008, 10:10 pm

@Craig - perhaps, but Apple is heavily in bed with Google. Just look at the mass of iPhone ties-ins: Google Maps, YouTube, native Google search, default Google browser homepage, etc etc.

Craig Turner

November 20, 2008, 2:31 am

True, but it didn't stop Google from coming up with Android and the G1. Google, at the moment, wants its name on as many products as it can, at the end of the day its more coverage even with it being on the iPhone. Knowing Apple's history, they are not shy of stepping on peoples toes either! If its good for Apple, then Jobs wont hesitate in making the decision to go ahead regardless of tie-ins with other companies. I'd certainly be excited if Apple were to do such a thing. Widen their MobileMe, iTunes intergtration into Yahoo! Music. Flickr and other Yahoo! subs could easily be intergrated into Apple's way 'vision'....Food for thought.

HSC

November 20, 2008, 2:51 am

I just think the whole thing was a stealth move to get Flickr...which since the failed bid they have pushing forward Live Wave 3


and that I'm surprised Yang lasted this long.

jingyeow

November 20, 2008, 7:21 am

It's widely viewed in business articles that Microsoft are still going to buy part or all of Yahoo. Removing Mr Yang was clearly the obstacle of any deal being done. Microsoft may return to the table after his successor has been installed.

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