Feeds

Jerry! Yang! to! quit! as! Yahoo! CEO!

Board seeks new boss

Business security measures using SSL

Yahoo! co-founder Jerry Yang is quitting the company's CEO post, five months after rejecting a $47.5bn takeover bid from Steve Ballmer and Microsoft.

The company announced late today that its board is searching for a new CEO, and once it finds one, Yang will return to his former post: "Chief Yahoo!"

Chairman Roy Bostock - who was also instrumental in stonewalling Ballmer's offer - will lead the new CEO hunt, working alongside the directors and "in consultation" with Yang. After stepping down, Yang will continue to serve on the board.

"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," reads a canned statement from 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."

In rejecting Microsoft's $47.5bn bid, Yang and Yahoo! forged a search advertising pact with arch-rival Google. But the Mountain Viewers backed out of the deal earlier this month, after the US Justice Department threatened an antitrust suit.

Yang then seemed to revive talk of a Microsoft deal, but Ballmer didn't bite, sending Yahoo! stock tumbling below $13 a share. Yahoo! shares stood at $10.63 at today's closing bell, but rose to $11.10 in after hours trading following the company's announcement.

Microsoft's June offer was $33 a share.

"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," read Yang's staement. "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." ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.