If you haven’t already, you may want to start buying Yahoo stock first thing in the morning. Yahoo’s stock is bound to see at least a modest bump from this news.
Jerry Yang took over as CEO of Yahoo in June of 2007. In September, Business Week lauded him as one of the 25 Most Influential People on the Web, calling him “The Rescuer“. Barely over a year later Yahoo is a shell of the company it was when Yang took the helm.
Since he has taken over Yahoo has lost tens of billions of dollars in market cap while watching thousands of its employees (and hundreds of executives) leave the company in a mass exodus. Good call Businessweek!
“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 Yahoo chairman 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 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.”