Yahoo’s Jerry Yang quits
p2pnet news view | Advertising:- Yahoo co-founder and CEO Jerry Yang is hitting the road.
But he won’t be vanishing altogether.
“Yang had lent his prestige and the weight of his position to the proposed Google-Yahoo advertising deal, in part as an alternative to being gobbled up by Redmond, and in part as a way to get an easy $800 million a year in additional revenue,” says CNet News.
“When that proposed deal unceremoniously ended earlier this month — thanks to Microsoft’s take-no-prisoners lobbying efforts in Washington, D.C., and a credulous Justice Department — Yang’s time as CEO did too.”
It’s, “definitely a positive from a shareholder perspective,” the New York Times has analyst Ross Sandler saying of Yang’s departure.
“Jerry has done less than a stellar job since taking the reins from Terry Semel last year, not just completely botching the Microsoft deal, but with poor execution and multiple company restructurings that have done little to restore confidence for any of Yahoo’s shareholders, employees or customers.”
Sandler, “also raised the possibility that Mr. Yang’s departure could rekindle interest at Microsoft in an acquisition. Steve Ballmer, Microsoft’s chief executive, has complained that Mr. Yang had no interest in the deal.”‘
A Microsoft spokesman declined to comment.
Adds the NYT:
“Yahoo said in a statement that Mr. Yang would return to his earlier role as ‘Chief Yahoo,’ a corporate visionary role, and remain on the company’s board. He will work with independent directors and Roy J. Bostock, the chairman, in the search for a new chief executive. Yahoo has also hired the executive search firm Heidrick & Struggles.”
Did you enjoy this story, or find it interesting/useful? Help keep the posts coming by donating. No amount is too small. Cheers! And thanks.
CNet News – Microsoft’s D.C. lobbying sank Google-Yahoo deal, Jerry Yang, November 18, 2008
New York Times – Jerry Yang, Yahoo Chief, Plans to Step Down, November 17, 2008
Use free p2pnet newsfeeds for your site. It’s really easy!
Subscribe to p2pnet.net | | rss feed: http://p2pnet.net/p2p.rss | | Mobile – http://p2pnet.net/index-wml.php
Net access blocked by government restrictions? Use Psiphon from the Citizen Lab at the University of Toronto. Go here for details.
