Reuters reports that Jerry Yang will step down as the CEO of Yahoo as soon as the board finds a replacement. After rejecting Microsoft’s offer, Yang’s situation got more complicated especially after Yahoo’s advertising deal with Google didn’t see light due to regulatory concerns.
Reuters also reported that Yahoo failed to sign a deal with Time Warner about combining with its AOL unit, which could of increased Yahoo’s earnings. I guess Microsoft now has a very good chance to acquire Yahoo for even less than the previous offer. Read more on Reuters.
Reuters
About f’ing time!!
Man, If I had any Yahoo stocks and watched them go from $37 to $10 in 7 months because my glorious CEO didn’t sell I would have a heart attack. Especially when said CEO didn’t do diddly squat for 3 years and have come under criticism from OTHER CEOs who are doing one hell of a Job…
End result? Young laid off 10,000, and caused Yahoo’s share holder to lose 75% of the value of their shares and the whole company to fall…