Yahoo’s Yang to step down
Yahoo CEO Jerry Yang is stepping down. Yang’s recent tenure has been tumultuous to say the least. He was at the helm during the company’s rejection of Microsoft’s $47.5 billion takeover offer as well as the failed advertising deal with Google.
Wall Street seems to be pleased. Yahoo stock was up more than 4 percent in after-hours trading yesterday.
Yang was a co-founder of the company and re-took the CEO role when Terry Semel, Yahoo’s chief exec since 2001, stepped down in June 2007.
Yang will now return to his earlier role as “Chief Yahoo” and remain on the company’s board. Yang had a predictably upbeat take on the change: “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,” he said in a statement.
Yang will stay on until Yahoo finds a replacement.
Yahoo’s press release is here.
