Yahoo to replace Yang as CEO, ending rocky reign
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AP
Published: November 17, 2008
Yahoo will replace founder Jerry Yang as CEO as soon as a replacement is found. The move announced Monday will end Yang’s rocky 17-month reign running the Internet company that he started 14 years ago.
Many Yahoo shareholders have been upset with Yang since he refused to sell the Sunnyvale-based company to Microsoft Corp. for $47.5 billion six months ago.
Although Yang had publicly expressed his desire to remain at the helm, Yahoo’s board faced intensifying pressure to cast him aside as the company’s shares plunged to their lowest levels since early 2003.
Once his replacement is hired, Yang will revert to his former role of “Chief Yahoo.“ He also will remain on the company’s board.
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