- Jerry Yang To Step Down As Soon As Yahoo Board Finds Replacement

Tameka Kee
Tuesday, November 18, 2008; 2:07 AM

Yahoo (NSDQ: YHOO) CEO Jerry Yang will step down from his post as soon as the board finds a suitable replacement, and BoomTown broke the story. The official release from Yahoo is out.

Kara also has his full memo to the Yahoo team, in which Yang says he'll participate in the search for his successor. Once the new CEO is in place, Yang will go back to his role as Chief Yahoo?and he will retain his seat on the board.

The details:-- The board has retained Heidrick & Struggles, an executive search firm, to assist in the process.-- Yang will participate in the search for his successor.-- He will also continue to serve on the board, and would return to his earlier role as "Chief Yahoo," a corporate evangelist and visionary position.-- The search will encompass both internal and external candidates, which means Susan Decker has a chance. Hilary Schneider may also have an outside chance.-- From Chairman Roy Bostock: "Jerry and the Board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level."-- From Yang: "I will continue to focus on global strategy and to do everything I can to help..."

It has been a rough 18 months for Yang, who took the post in the interim after former CEO Terry Semel stepped down. Yahoo was struggling back then too, but its share price was relatively healthy?compared to the $10 it's hovering at now. Yang made a big impression with his 100-day plan but things headed downhill from there. The long, drawn-out Microhoo saga (complete with the Carl Icahn proxy war), poor earnings and a constant stream of high level departures left many in the industry calling for Yang's head on a silver platter. To be fair, it's not all his fault?Yahoo as a company has flaws that are bigger than one person can solve.

Photo Credit: J D Lasica.


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