updated 12:00 am EST, Tue November 18, 2008
Yang steps down as CEO
A somewhat predicted conclusion to Yahoo's recent rough ride sees company co-founder Jerry Yang leaving his post as CEO after a suitable replacement is found to take Yahoo to "the next level." CNN Money reveals that chairman Roy Bostock is conducting interviews internally and externally, which will then place Yang back in his former position of "Chief Yahoo," remaining on the company's board of directors.
Yang started Yahoo in 1994 with fellow student David Filo, starting with web search and mail services, while the company's current interests range from games, news services, and internet advertising.
"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," said Yang.
The move comes most likely in response to failed talks with Microsoft, which had the Redmond giant offering $33 per share for the company. Talks ceased when Yang insisted on $37, a request that Microsoft head Steve Ballmer rejected. Microsoft and Yahoo were later found discussing the licensing of particular key Yahoo segments.