Yang to quit chief executive role at Yahoo

by Tristan O'Carroll, mediaweek.co.uk 18-Nov-08, 10:50

LONDON - Yahoo chief executive Jerry Yang is to step down from the top job at the internet giant after just more than a year at the helm.

In a statement, Yang said he has decided to return to his former role as chief Yahoo, upon the appointment of his successor as chief executive. Yang, who will continue to serve on the company's board, assumed the chief executive role in June 2007.

Chairman Roy Bostock, working with the independent directors and in consultation with Yang, is leading the process of hiring a replacement. The search will encompass both internal and external candidates, and the board has retained Heidrick & Struggles, an international executive search firm, to assist in the process.

Yang's departure brings to a close a fraught period for the company. Earlier this year, it rejected Microsoft's $44bn takeover approach. And in a bid to find new growth areas, Yahoo attempted to strike a deal for Google to sell ads on its search listings. However, the deal was called off amid regulatory opposition to the plan.

"Over the past year and a half, despite extraordinary challenges and distractions, Jerry Yang has led the repositioning of Yahoo on an open platform model, as well as the improved alignment of costs and revenues," said Bostock.

"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 chief executive who can take the company to the next level. We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo as a key executive and member of the Board."

Yang said: "From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise.

"When the board asked me to become chief executive 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. Having set Yahoo on a new, more open path, the time is right for me to transition the chief executive 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 realise its full potential and enhance its leading culture of technology and product excellence and innovation."