The co-founder and current CEO of Yahoo, Jerry Yang, has been confirmed to step down from his post and go back to being Chief Yahoo. The replacement of the CEO is still being searched and has not been finalized after which the current CEO will step down.
Jerry Yang has been the CEO for the past 18 months and is said that he wanted to remain in control of Yahoo but had to go because of the pressure faced by the company’s board. The biggest concern is said to be due to the failure to accept Microsoft’s bid which offered almost around $30 for a share. Another possible failure is the collapse of the possible search ad partnership with Google.
Over the past few months, the income of Yahoo has fallen about 50 % and with recent job cuts, things doesn’t seem all bright at the company. Currently the share price of Yahoo has dropped to around $10 and with announcement of CEO stepping down, the price went up a bit.
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