Charlotte, North Carolina (WiredPRNews.com) — This Wednesday will mark the first anniversary of Jerry Yang as CEO of Yahoo, but we can’t expect many people to begin congratulating him on a job well done. Under Yang, the Internet giant lost 16.5% of its stocks and also became the target of a highly publicized take-over. Then, Yang became a subject of anger of shareholders after he rejected Microsoft’s offer to acquire Yahoo at $33 per share. He is also facing lawsuits from Yahoo shareholders and activists such as Carl Icahn who are threatening the CEO to oust him and the board of directors.
39-year old Yang replaced the prior CEO, Terry Semel, one year ago who was then considered to be perfect choice for the media company. The president of Yahoo, Susan Decker, said that Yang is the right choice for the company. She also said that she is impressed by the patience, commitment, energy and passion Yang has shown during the Microsoft proposal and its resulting fallout.
No doubt Yang has great passion but what clouded his obligation and judgment to reject the deal from Microsoft? The overwhelming consensus from Wall Street was favoring the Microsoft deal and Yang must have accepted it. Last Thursday, Yahoo announced that it has ended the talks with Microsoft and as a replacement, Yahoo has entered into a deal with Google in which Yahoo will outsource its search results and Yahoo will be placing Google’s ads on its website.
During late January, Yang also announced to his shareholders that the company is going to heavily invest to develop a platform for combining its search system of Panama with the display advertising. One of the former executives of Yahoo said that he left his position at the company recently because he did not trust the search and display strategy of Yahoo. Despite efforts of Yang in retaining talent, the executives are steadily leaving Yahoo to join other companies.
Yahoo investors are not patient with the CEO and if Icahn replaces the board of directors of Yahoo, his first plan of action will, no doubt, be to fire Yang as a CEO.
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