Eight months ago, Yahoo!CEO Jerry Yang had a chance to sell his company to Microsoft for $43 billion. He refused. Now Yahoo's market value stands at $18 billion. This raises a question: Why is Jerry Yang still running this company?
He has no one to blame but himself.
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In the end, the stockholders were the ones who walked away from Yang. Yahoo!'s shares were trading at $10.63 Monday, down more than 60% since Yang took over as chief executive and well below the $31 per share Microsoft offered to pay for the portal in February, before months of dickering that ultimately went nowhere.
Consultations between Yang and the Yahoo! board about his position have been going on for "some time," said a Yahoo! spokesman. The news broke on AllThingsDigital, which ran the memo from Yang to his troops.
Yang will remain chief executive at Yahoo! while it searches for a replacement. "I will be participating in the search for my successor, and I will continue as CEO until the board selects a new CEO. Once a successor is named, I will return to my previous role as Chief Yahoo! and continue to serve as a director on the board," Yang wrote.
It's an awkward arrangement. Just like the rest of his tenure.
© 2008
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