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Jerry Yang to Step Down as Yahoo CEO
Posted by Gretchen Hyman on November 17, 2008 at 10:00 PM PDT
A smattering of news outlets (including The New York Times) are reporting that Yahoo CEO Jerry Yang will be stepping down as soon as the board finds a replacement. Yahoo shares saw a 4 percent spike as soon as the news was released.
Yang has had a serious mess on his hands since taking on the post of CEO in 2007, including the failed acquisition of the once all-powerful portal by Microsoft, and some fairly contentious dealings with Google.
According to Reuters and several other news sources, Yang will return to his post as "Chief Yahoo" and will retain his seat on the Yahoo board. The rather formidable task of replacing Yang has fallen to job search team Heidrick & Struggles (aptly named in this case). Yahoo President Sue Decker is the only internal candidate being considered as CEO-worthy, according to BusinessWeek.
Kara Swisher of BoomTown is credited with breaking the story, and she has posted the internal memo Yang sent to employees announcing his imminent departure: http://kara.allthingsd.com/
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