Jerry Yang steps down as CEO of Yahoo!
After almost 18 tumultous months at the helm, Jerry Yang, co-founder of Yahoo! has decided to step down from his present role of CEO.
The internet giant has been beset with problems all year long, right from the time Microsoft attempted a hostile takeover bid which Yang’ rebuffed, becoming a bone of contention between the management and top stakeholders, before Microsoft finally walked away. Yahoo! was also unsuccessful in pulling off a deal with Google owing to regulatory concerns. A potential tie-up with AOL Time Warner also did not materialise.
Once his successor is identified and appointed, Yang will return to his old role of Chief Yahoo!, responsible for corporate strategy. He will also continue to be on the board.
The Yahoo! board has mandated Heidrick & Struggles with the task of finding a suitable replacement.
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