Yahoo! CEO to step down, and leave a big mess behind

November 18, 2008 · Filed Under Recent News

Yahoo, under huge financial pressure and mounting losses, has begun a search to replace company co-founder Jerry Yang as chief executive, the company said Monday. The sad thing is, it may already be too late to really help much. Yang was mostly blamed for the lack of initiative with the sale of Yahoo! to MS a few months back, and admitted it was due to “emotional attachment”, almost always a bad mixture with billion dollar deals.

“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,” Chairman Roy Bostock said in a statement. “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.”

Yang will resume his position as chief Yahoo, the company said, the role he had before taking over in 2007 after former CEO Terry Semel departed.

More of the ugly, sorted details here about their financial issues, losses and layoffs: Link

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