Jerry Yang, chief Yahooligan, has announced that he will be quitting his position as CEO, just as soon as the company has found his replacement. Quite frankly, it’s about time.
The last few months have been absolutely torrid for Yahoo. It initially seemed as though Yang was doing everything he could to prevent a takeover bid from Microsoft, entering talks with rival companies in an attempt to engineer a merger and changing the severance arrangements for Yahoo employees, annoying his shareholders in the process. Then talks with Google were called off after a hostile reaction from the Department of Justice. So Yang tried to make up with Microsoft’s Steve Ballmer, only to be rebuffed, leaving Yahoo looking exposed, vulnerable, and unsure of what to do next.
In that time, Yahoo’s share price has gone from a high of around $40 to $11 today. the Microsoft bid? That priced Yahoo at $33 a share. Oops! Hopefully, with Yang’s resignation, the company will be able to claw back some value, but it still leaves the question of where Yahoo goes from here. With the company looking so unsteady right now, I wouldn’t be surprised if Microsoft came back with a much lower takeover bid.
There is no word on who Yang’s replacement will be, but the first and most important task for the new CEO will be to give the company some sense of direction and its position in the modern internet landscape. Best of luck to them.
[Image by NiallKennedy]