Yahoo boss Yang resigns
Jerry Yang, the CEO of the crisis-stricken Internet company Yahoo, has announced his resignation. The 40-year-old co-founder is stepping down in the wake of the intense pressure following the collapse of the takeover bid by Microsoft. His successor has not yet been named.
Jerry Yang, the head of the crisis-ridden internet company Yahoo, has announced his resignation. The 40-year-old co-founder is drawing the consequences of the massive pressure following the failed takeover by Microsoft. Yang will continue to perform important tasks for Yahoo in the future and remain a member of the Board of Directors, the US company announced on Monday evening at its headquarters in Sunnyvale, California. Together with the Board of Directors, he will look for a successor and remain in office during this time. Yang co-founded Yahoo in 1994 and only took the helm again in June 2007 in order to lead the company back on the road to success.
Yang's withdrawal immediately fueled new takeover speculation. Numerous shareholders, such as the major investor Carl Icahn, sharply criticized Yang for his course, according to an SDA press release on Tuesday. Many shareholders lost large sums of money as a result of the failed takeover by Microsoft, as the company's share price has plummeted significantly since then. The Internet company is suffering above all from competition from rival Google. Around ten percent of jobs at Yahoo are currently being cut worldwide.
Yang's withdrawal immediately fueled new takeover speculation. Numerous shareholders, such as the major investor Carl Icahn, sharply criticized Yang for his course, according to an SDA press release on Tuesday. Many shareholders lost large sums of money as a result of the failed takeover by Microsoft, as the company's share price has plummeted significantly since then. The Internet company is suffering above all from competition from rival Google. Around ten percent of jobs at Yahoo are currently being cut worldwide.
