Archive for November, 2008
Jerry Yang quits as chief executive of Yahoo. He steps down as soon as a replacement is found which analysts say would take up to 12 weeks. Not surprising anymore though. Whoever got surprised with this news must not have been paying attention to news and has not been online the past 6 months. With the way Yahoo was positioning itself, it was only a matter of time until Jerry yang breaks down and he did. The news sent Yahoo’s shares going up 4 percent.
Yahoo Inc. lets out the news that Jerry Yang will quit as chief executive of Yahoo effective as soon as a replacement is found. With this news Yahoo’s shares shot up 4 percent in the assumption that this move would remove all obstacles hindering the Microsoft deal.
Yang will go back to being Chief Yahoo, spending his time on strategy and technology. Most criticisms against Yang rooted on his intention in carving an independent strategy for Yahoo. He was also blamed when Microsoft Corp pulled out from the negotiations of the powerhouse company acquiring Yahoo earlier this year.
Immediate rival Google Inc. dismissed a search advertising partnership on account of regulatory concerns, amplifying the bad criticism Yang has been getting when yahoo’s shares nosedived. Another failed deal is Yahoo’s month-long negotiations with Time Warner Inc. in joining forces with AOL.
“The company is in desperate need of change and this is clearly one way to do it,” said Ross Sandler, an analyst at RBC Capital Markets, adding that Microsoft could enter the picture again. “Jerry was the roadblock for the last deal getting done.”
As a response to all of this, Yang has been very vocal about selling the company only for the right price.
Yang would soon be booted out of the chair but not immediately since it could take four to 12 weeks. Several executives are considered as prospects for the job,among the roster are former Yahoo COO Dan Rosensweig and Yahoo President Sue Decker.