Jerry Yang To Step Down As CEO!

[FedPrimeRate.com]

From the All Things D:

Yahoo CEO Jerry Yang will step down from his job as CEO, said sources close to the company, as soon as the board finds a replacement for him, in what sources close to the situation call a joint decision by him and the company’s directors.

Yahoo (YHOO) will announce the move within the next hour.

Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to evaluate candidates, both internally and externally.

After a replacement is found, which the company hopes will be quickly, sources said, Yang will resume his former title as Chief Yahoo and will also remain on the company’s board.

While did-he-walk-or-was-he-pushed speculation will no doubt be rampant, sources said Yang has and will play an important role in the search for his replacement.

Sources close to the board expect the choice will end up being an outsider and likely not current Yahoo President Sue Decker, although she is being considered for the job.

But both she and Yang have been closely affiliated with each other, as the company has struggled to right itself after tumultuous year and its stock price has plummeted.

Yahoo shares close today at $10.63, trading at historic lows and giving the company a valuation of only $14.7 billion.

While Yahoo’s board has some execs in mind to become CEO, obvious candidates include News Corp. COO Peter Chernin, as well as former AOL head Jon Miller, former eBay CEO Meg Whitman and former Yahoo COO Dan Rosensweig.

BoomTown would also throw in former Microsoft exec Kevin Johnson, who is now CEO of Juniper Networks, who led the software giant’s abandoned takeover bid against Yahoo earlier this year.

According to sources, both Yang and the board have been discussing the move for months, although publicly Yang has been saying he was going to stay in place to see through the many changes he has made in his 16-month tenure.

In a recent interview with me, in fact, Yang said about his determination to lead:

“In this uncertain environment, I think I am absolutely the right person. Times like this require a leader who really understands this company and its customers, and I think I do. The world is a different place today than even a month ago and I think I am the best person to guide Yahoo through this volatile time.”

In fact, it has always been a volatile time for Yang. He took over suddenly last July from former CEO Terry Semel, whose departure also came after Yahoo’s struggles worsened.

Things only got worse for Yang, due to both his own and previous management missteps and also external forces, including a hostile takeover attempt by Microsoft (MSFT), which was followed by a proxy fight by activist shareholder Carl Icahn.

Yahoo also saw its search business decline and its strong graphical ad business suffer in the midst of the current economic meltdown.

There has also been an exodus of major executives over the last year, along with recently announced layoffs of 10 percent of the company, which are set to take place December 10.

In addition, Yahoo’s controversial search ad with Google (GOOG) recently collapsed and its talks to merge with Time Warner (TWX) online unit AOL have dragged on.

With all this, sources close to the company said that both Yang and the board felt the company needed another leader to take it to the next level, and complete the turnaround efforts Yang has been trying to pull off.

“It was time for someone else,” said one source close to the board.

More, obviously, to come…

 

[Compassion]

Under $15 Billion?

Is that all Yahoo is worth?

Hopefully a new Silicon Valley computer hero replaces him - I pray Yahoo doesn't pick from a pool of candidates drawn up by the privately owned central bank the federal reserve - or be prepared for net neutrality to be a thing of the past if this were to happen.

 

[FedPrimeRate.com]

Under $15 Billion? Is that all Yahoo is worth?

No way. With the traffic Y! gets? The business world has been waiting for a CEO who can provide the proper vision to monetize all that traffic.

They should surreptitiously get a blood sample from Eric Schmidt and clone him. Yep.

AmCY

 

[Compassion]

No way. With the traffic Y! gets? The business world has been waiting for a CEO who can provide the proper vision to monetize all that traffic.

They should surreptitiously get a blood sample from Eric Schmidt and clone him. Yep.

AmCY

I'd like to see Schmidt bring the view count back to videos.

And to bring a video link back to the index page....






Any predictions on how well Yahoo stock will fair: 30 days, 90 days from now?

 

[labrocca]

I think Ebay would be a likely candidate to buy Yahoo! Changing CEO's might be a good start since Yang screwed up the MS deal.

 

[Compassion]

I think Ebay would be a likely candidate to buy Yahoo! Changing CEO's might be a good start since Yang screwed up the MS deal.

That is an interesting idea...

A buyout is definitely a possibility being discussed, I can imagine..

 

[liquidcherry]

Why don't they bring someone in place who has a REAL glimpse of the internet (.LIKE ME?????)and isn't stuck in the late 90tees..

(I AM FOR HIRE FOR YAHOO'S SAKE) LOL

Cheers

Frank

 

[maxeaus]

Yep, Yang is OUT, Microsoft is IN. I would expect a revised bid for Yahoo now from Microsoft. Google, lookout.

 

[shockie]

it's about time jerry yang stepped down. he might be smart but he's a terrible ceo imo.

 

[TMN]

My vote for the new CEO of Yahoo - RJ!

 

[Compassion]

There is a nice pool of candidates on namepros - many of us within a short distance of Yahoo


Give a Nameproer a chance, One of us could pull the strings of Yahoo and create innovative business strategy in this transitional period of recession. . .

 

[FedPrimeRate.com]

Yep, Yang is OUT, Microsoft is IN. I would expect a revised bid for Yahoo now from Microsoft...

Mr. Ballmer can sit and wait for Y!'s stock to hit rock bottom. Stocks in all sectors are tanking, and nobody knows when the market will bottom out. He'll wait until Y! is selling for about $2 per share (it's @ $8.95 right now), then he'll make his move. He'll swoop in like a raptor and gobble up Y! in a single mouthful.

Microsoft is sitting on a huge mountain of cash. They can afford to wait.

And this is how Baller will party when the deal is done! Yep.

AmCy

PS: yeah, he'll never be president of the United States