Wired PR News.com – Yahoo announced Monday that co-founder and CEO, Jerry Yang, will be stepping down in his position as Chief Executive. As reported by the Associated Press (AP), the company will find a replacement before completing the change. Yahoo Chairman, Roy Bostock was quoted as stating “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.”
The announcement of the change comes after reports of financial troubles for the company and the rejection of a $47.5 billion buyout from Microsoft. Yahoo also reportedly had plans to form a marketing partnership with Google, who later reneged on the deal due to threats of legal action from the US Justice Department for the potential creation of unfair competition that would stem from it. Microsoft later refused to make the struggling company another buyout offer.
As Yahoo co-founder, Yang has built a legacy as one of the first individuals to become billionaires from the dotcom boom. Having gone public in 1996, Yahoo has recently seen its market value fall within a relatively short period of time to $15 billion, significantly down from hundreds of billions of dollars the company has been valued at years prior.
Photo Credit: Mitchell Aidelbaum