Yahoo announced late Monday it is seeking to replace CEO Jerry Yang, who has decided to return to his former role as Chief Yahoo! upon the appointment of his successor as CEO. Yang assumed the CEO role in June 2007, but has since come under fire after withdrawn buyout talks with Microsoft and a failed deal advertising with Google.
"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 board chairman Roy Bostock.
Recently, Yang said (after previously being opposed to the idea) that Microsoft buying Yahoo would be "the best thing" saying "to this day the best thing for Microsoft to do is buy Yahoo....I don't think that is a bad idea at all, at the right price whatever that price is. We're willing to sell the company."
While Yahoo may state otherwise, there is little doubt in most minds that the recent failures under Yang's tenure have led to this resignation. While the economy had a negative impact on all stocks in recent months, Yahoo's stock has been in a steady decline ever since Yang started, booming only around the time Microsoft offered to buy the company back in February. Since June of 2007, the stock has dropped from just shy of $30 per share to now just a little over $10.