CEO Jerry Yang Stepping Down from a “Stronger” Yahoo – Seriously?
The writing has been on the wall for many weeks, but today, Yahoo CEO Jerry Yang officially announced he will be stepping down from the position he assumed 18 months ago.
The official press release begins…
Yahoo! Inc. (Nasdaq:YHOO) today announced that its Board of Directors has initiated a search for a new Chief Executive Officer. Jerry Yang, co-Founder of Yahoo!, has decided to return to his former role as Chief Yahoo! upon the appointment of his successor as CEO, and he will also continue to serve on the Board. Yang, 40, assumed the CEO role at the Board’s request in June 2007, and he has led Yahoo! through a strategic repositioning and transformation of its platform.
As you’d expect, Yahoo tries to put a positive spin on what has become a nightmare situation for the company. What you might find hard to swallow is Yang’s personal email to Yahoo employees. It actually includes the following statement (emphasis added):
…the fact remains that yahoo! is now a significantly different company that is stronger in many ways than it was just 18 months ago…
Anyone–particularly Yahoo shareholders–care to weigh in on that statement?