Yahoo Chief Steps Down!

The man called 'Chief Yahoo' has stepped down from his post. Jerry Yang is the man who co-founded Yahoo around 17 years back. The statement came from Yahoo's chairman Roy Bostock and it said that Jerry Yang would be stepping down and give up his seat on the boards of Yahoo Japan and Alibaba Group.

It is not clearly known what is the reason behind Mr. Yang's farewell. But the move came when a strategic review was going on under the new chief executive, Scott Thompson. The review was on whether Yahoo should be selling off the Asian parts, and retaining the media assets. It is worthy of being mentioned that Yahoo has 40% stock in Alibaba and 35% in Yahoo Japan.

Yahoo is considered as the internet company which is floundering among chaos. The company was about to be taken over by Microsoft in 2008, but Mr. Yang came in the way. He prevented that move from happening and Yahoo is now priced at less than half of what Microsoft initially offered. Gartner's analyst Mr. Allen Wiener has said, "Yahoo is losing the last piece of what was viewed by many as a stumbling organization."

Another analyst Scott Kessler (at Standard and Poor's) has said, "Arguably Jerry Yang is the person best known and associated with Yahoo. It is fair to say that, whether in terms of reality or perception, he has detracted from the company’s ability to realize shareholder value."

Analysts have thus said that Mr Yang's departure will pave the way for Yahoo to sell its assets. Yahoo has since been in talks with Alibaba and Softbank regarding selling off its stakes which are priced around $17 billion.

Since Mr. Yang announced his departure, Yahoo's shared climbed up to more than 3 per cent.

Jerry Yang
Image courtesy: flickr
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