Tuesday, November 18, 2008

Yang to Leave Yahoo

Yahoo has confirmed that CEO Jerry Yang will be leaving his post as soon as the Board of Directors finds his replacement. He will remain at the company he founded in 1994 and on the board.

Today's Time reported:
The announcement that Jerry Yang will step down as CEO of Yahoo! was welcome news to investors still seething that the founder turned down an acquisition offer from Microsoft earlier this year worth some $46 billion. (After Yang demanded $4 more per share than Microsoft's offer, the software giant walked away.) Yahoo! is in trouble — its stock price has fallen to around $11 from $29 in February 2008 and it's way behind Google and others in the fast-moving Internet innovation game. (The stock rallied slightly upon news of Yang's departure.)

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