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From Silicon Alley Insider, Nov. 17, 2008:
Jerry Yang is stepping down as Yahoo CEO as soon as a replacement is found. Kara Swisher has the story:
Yahoo CEO Jerry Yang will step down from his job as CEO, said sources close to the company, as soon as the board finds a replacement for him, in what sources close to the situation call a joint decision by him and the company’s directors.
Yahoo will announce the move within the next hour.
Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to evaluate candidates, both internally and externally.
After a replacement is found, which the company hopes will be quickly, sources said, Yang will resume his former title as Chief Yahoo and will also remain on the company’s board.
Sue Decker is being considered as a replacement, but the hiring of H&S suggests she's hardly a shoo-in.
This is a good move for Yahoo and for Jerry. In our opinion, Jerry has has always been far too nice a guy to be happy making the changes Yahoo so desperately needs to make. He will be a much bigger asset to the company as Chief Yahoo.
Here's the link to the Yahoo!'s press release. Kara also has the email Jerry is about to send to the troops:
To: all yahoos
Fr: Jerry
Subject: update
yahoos -
i wanted to address all of you on the news we’ve just announced. the board of directors and I have agreed to initiate a succession process for the ceo role of yahoo!. roy bostock, our chairman of the board, is leading the effort to identify and assess potential candidates for consideration by the full board. the board will be evaluating and considering both internal and external candidates and has retained heidrick and struggles to help in this effort.
i will be participating in the search for my successor, and i will continue as ceo until the board selects a new ceo. once a successor is named, i will return to my previous role as chief yahoo and continue to serve as a director on the board.
last june, i accepted the board’s request that i assume the ceo role to restructure and reposition the company as a whole in order to more effectively meet the fast-changing needs of both users and partners. since taking on the ceo role, i have had an ongoing dialogue with the board about succession timing. thanks in large measure to your tireless efforts, we have created a more open, competitive yahoo! and we believe the time is now right to transition to a new ceo who can take the company to the next level.
despite the external environment we face, the fact remains that yahoo! is now a significantly different company that is stronger in many ways than it was just 18 months ago. this only makes it all the more essential that we manage this opportunity to leverage the progress up to this point as effectively as possible. i strongly believe that having transformed our platform and better aligned costs and revenues, we have a unique window for the right ceo to take ownership over the next wave of mission-critical decisions facing the company.
all of you know that I have always, and will always bleed purple. i will always do what I think is right for this great company. while this step will be an adjustment for all of us, i know it’s the right one. i look forward to updating you on this process as soon as the board has developments to share, and will continue to do everything i can to make yahoo! fulfill its full potential.
thank you,
jerry
34 Comments
William - Monday November 17, 2008 09:15PM EST
YANG SHOULD BE FIRED LONG TIME AGO. YHOO BOARD WAITED TOO LONG TO STOP THE BLEEDING OF STOCK PRICE TO LESS THAN 11. YAHOO BOARD ARE REALLY SMART????
Yahoo! Finance User - Monday November 17, 2008 09:19PM EST
As a yahoo employee, all I can say is Yahoo! Maybe we will survive.
tahoe guy - Monday November 17, 2008 09:27PM EST
The Financial Meltdown: well, It crazy that the guy from Japan actually stated that thier was little point in discovering the cause of the disease after the patient is sick? Thats totally stupid, why would would want to repeat the awefull mess....what a dummy! Get him off the fix it team now! And speakling of dumb moves, This Jerry guy isnt too bright, nor forward thinking, I hope the new guy can do better. Its ironic that Yahoo a search engine company who's stock is off more than 30% doesnt allow people to blog on the home page news, at least in some easier fashion, if they want more traffic+populartity+adds= value=$$-- invite as many people to the party! Hello! party as possible....its needs to growe up a bit, its has a somewhat juvinile quality to it. Taylor it slightly more for adults, you'll get better traffic
tahoe guy - Monday November 17, 2008 09:34PM EST
I posted , but it still hasn't show, why the long delay??
tahoe guy - Monday November 17, 2008 09:38PM EST
I would like to run it, Its a good company and could go far better than the competition with the right people driving it, and new inovative ideas
Steve - Monday November 17, 2008 10:01PM EST
Good news for Yahoo employees and shareholders.
Yahoo! Finance User - Monday November 17, 2008 10:03PM EST
he should lose his 'chief yahoo' gig as well. chief equity destroyer. Yang's Legacy = Blown Acquisition, lost equity for all shareholders. nice work. don't let the door hit you on the way out.
chee-chee - Monday November 17, 2008 10:11PM EST
My husband is a Yahoo his plane just plane and I told him the news.He was SHOCKED! He was on a business trip for them....the question now do the layoffs still happen Dec.10? Everyone is in the dark who is being axed!
Yahoo! Finance User - Monday November 17, 2008 10:24PM EST
"he should lose his 'chief yahoo' gig as well. chief equity destroyer. Yang's Legacy = Blown Acquisition," - - - - - - - - - - - - Hey, dumbass, that acquisition was not good for the company, it would have meant being assimilated by the borg MSFT. Stockholders would have been bought out at a profit, is that what would have been best for Yahoo?? Being absorbed, dissected and digested into the belly of the beast??? Get a grip, moron.
Sugar Dad Harry - Monday November 17, 2008 10:52PM EST
I thought Henry Blodgett was banned for life from the securities industry? If you counter,' nowadays he's just talking about securities.' I must remind you that's all he ever did. He was the schyster who hyped internet stocks publically for Merrill Lynch, then sent emails to others calling the same stocks garbage.
Ronny - Monday November 17, 2008 11:23PM EST
Sarah Lacy makes Henry Blodget look like an ...... ex-con gone good. Aaron Task is a deer looking into headlights. And Jerry Yang is stepping.....down, up, away. Why am I surprised?
ps - Monday November 17, 2008 11:32PM EST
Just like a run on the banks, there was a run on Jerry... Bravo Jerry for fighting the good fight. AND thank you for not letting Microsoft get there dirty grubbin paws on this! Kudos...
AA Kabuki Man - Monday November 17, 2008 11:52PM EST
Too little too late. Stock is mired in the 10 range and won't recover anytime soon. Only those who sold stock when the first buyout was announced made any money. The ones who stuck around got stabbed in the back by fearless yahoo leader.
Ronny - Monday November 17, 2008 11:52PM EST
Has anybody thought about doing a piece (story) about the Volkswagon/Porsche fiasco and giving Carl Icahn et al some thought about making shorts cover and pulling us out of the jaws of the bear? Let the shorts understand the lesson the Italians have taught Europe and we'll get this market going in the UP direction again.....QUICK. Reread.......QUICK. Freely. Reread....without regulation.
Ronny - Tuesday November 18, 2008 12:02AM EST
Has anyone thought about doing a story on the Volkswagen/Porsche fiasco and giving the Icahn's et al of the U. S. the idea to cross the Atlantic and give our free markets the opporunity to escape the jaws of the bear? Short sellers caught in a trap......is that not news worthy of FEAR?
Yahoo! Finance User - Tuesday November 18, 2008 12:24AM EST
Here it is again- a really smart guy learns the hard way the expertise in one area does not confer expertise in all areas. It's a hard lesson I've seen many people (myself included) get whacked with on the way up- or the way down. Personally, I hope Yang jumps into the fray again with another startup- if he can put someone with better business sense in charge after it reaches that "real serious business" phase this time around and stick to what he knows, it could be a great comeback.
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Yahoo! Finance User - Monday November 17, 2008 09:02PM EST
How about that!