BoomTown Scoop Confirmed: The Entire Yahoo Press Release on Yang Stepping Down as CEO
by Kara Swisher
Posted on November 17, 2008 at 5:37 PM PT
As BoomTown reported earlier today in an exclusive scoop, Yahoo (YHOO) has confirmed that CEO Jerry Yang will be stepping down and a search for his replacement is underway.
(Yang also penned a memo to Yahoo employees about the move.)
Here is the entire Yahoo press release about the development:
Yahoo! Conducting Search for New CEO
Co-Founder Jerry Yang to Step Down Following Appointment of New CEO and Return to Former Role as Chief Yahoo! and Board Member
SUNNYVALE, Calif., Nov 17, 2008 (BUSINESS WIRE) –
Yahoo! Inc. (Nasdaq:YHOO) 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.”
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Comments
What a joke of a press release, Roy working with “independant board with Yang” Yet another YHOO farce. I hope Yang spends every waking minute of his retirement in depositions and lawsuits and doesn’t have one second for golf. He screwed his shareholders royally and should have done the honorable thing months ago and resigned. His legacy is tarnished and I hope his massive ego is as deflated as our stock price.
Posted by Mike Kane at November 17th, 2008 at 7:34 pmM:
Please don’t be so shy in telling us your opinion.
Posted by Kara Swisher at November 18th, 2008 at 12:38 amKara:
If I thought my comments wouldn’t get deleted I’d tell you what I really think
Posted by Mike Kane at November 18th, 2008 at 6:58 amFor the life of me, given the numerous failures and mistakes Yang has made I still can’t figure out why in the world he went on his public humiliation tour last week. If, as they are now putting out, Yang has been in discussions for months to resign, why in the world do he open his mouth at those conferences and begged MSFT to make a deal? Naturally that led to the very predictable, public slapping by Ballmer which caused the stock to sink to $9.72. If that idiot just had kept his mouth shut, Ballmer wouldn’t have said anything and we wouldn’t have crashed so much in one day. Sadly for me, I got hit with a margin call before I could respond and was sold out. The only time during this entire fiasco that the idiot should have kept his mouth shut, and that when he decides to finally say something.
Posted by Mike Kane at November 18th, 2008 at 7:38 amIt was delightful to see Bill and Steve sharing a stage and reminiscing about their stuff, but I was surprised that Bill (gadgets) and Steve (widgets) didn’t settle the debate about the original inventor of the widget.
One can never have too many widgets. Somebody codes something you never even dreamed of wanting – suddenly everybody
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