Jerry Yang, Yahoo’s Chief Executing Officer announced his resignation on November 18, yet will keep his position on Yahoo’s board of directors. Yahoo board members have asked executive-search firm Heidrick & Struggles International Incorporated to look for a replacement for Yang.
The move comes as no surprise to many, since Yahoo has been trying to cope with numerous financial issues for a while now, resorting to every means possible to keep the company independent, and Yang has come into much criticism for his inability to properly handle the situation.
The 40-year old co-founder is reaping the consequences of the huge pressure following this summer’s failed takeover by Microsoft. Back to the end of January, Microsoft offered Yahoo $31 a share, but Yang turned it down. Many shareholders strongly criticised Yang's approach. As a result shareholders have lost large profits of the rejection of Microsoft's offer. Microsoft's final offer amounted to $33 per Yahoo share – at close of business on Monday, they were worth just $10.63. Furthermore, Microsoft has repeatedly stated that it will not be making a new offer.
Meanwhile, Yahoo is fighting falling profits and is in the process of making around 10 percent of its workforce redundant.
Sources from the Internet
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