News / Business
Yahoo CEO Jerry Yang Announces Resignation
Jerry Yang, the embattled CEO of search engine giant Yahoo!, (NASDAQ (GS): YHOO) has announced he would resign from his position as the company begins its search for a new CEO.
Yang will remain as CEO during the search but will step down immediately when a replacement is found. He has been the subject of much criticism for Yahoo’s slide as the search engine company falls further behind Google (NASDAQ (GS): GOOG). His failure to secure a merger with Microsoft earlier in the year led many to call for his ousting; Yahoo’s value is now at a third of what Microsoft (NASDAQ (GS): MSFT) offered.
Following the merger failure Yahoo attempted to forge an advertising partnership with Google but that was halted after fears government antitrust laws would strike the deal.
Yahoo has hired Heidrick & Struggles to assist in finding a new CEO with the search including employees within the company as well as outside candidates.
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