Yang Steps Down, Yahoo (YHOO) CEO Search Commences
Contrarian Profits (November 19th, 2008) Writes:
Jerry Yang, Yahoo Inc.’s (YHOO) co-founder and chief executive officer, today (Tuesday) stepped down from his post under heavy shareholder pressure. Yang will return to his former role as board member and “Chief Yahoo!” – a non-so-flattering, if not ironic, title considering the heavy criticism he took in the past year – upon the appointment of his replacement.
Yang was elected CEO in June 2007, his second go-around at that post. Since then, Yahoo’s market value has fallen by more than $20 billion, according to Bloomberg.
To be fair, Yahoo was already losing its market share to Google Inc. (GOOG) and a healthy percent of its share value as a result.
But Yang was brought back to fix that.
There was a deep feeling within Yahoo’s ranks that Yang wasn’t fit to continue leading the company out of the mire – or least into a
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