Yang steps down at Yahoo!

Jerry Yang to return to old role as chief Yahoo! as search giant looks for new CEO

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By  Mark Sutton Published  November 18, 2008

Jerry Yang is to step down as CEO of Yahoo! as the company looks for a new CEO to turn around its fortunes.

Yang, who will return to his role as Chief Yahoo! has attracted criticism after Yahoo! turned down a buy out offer from Microsoft and failed to complete an advertising deal with rivals Google.

Microsoft had offered $33 per share for Yahoo! in January, valuing the company at $44 billion, but despite objections from shareholders, the deal was turned down. Negotiations between the two dragged on, although no agreement could be reached. Two weeks ago, Yang told a technology conference that Yahoo! was still up for sale, although its share price has since declined to $10.60.

An $800 million advertising deal with Google also fell through over concerns that regulators would block the deal.

Roy Bostock, chairman of Yahoo! said: “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.”

Yang will remain in his role as Chief Yahoo! where he oversees new ideas and strategy.

“When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth,” said Yang.

“Having set Yahoo! on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader. I will continue to focus on global strategy and to do everything I can to help Yahoo! realize its full potential and enhance its leading culture of technology and product excellence and innovation,” he added.

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