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Jerry Yang Steps down as Yahoo CEO

A rat leaving a sinking ship
| Posted: Nov 18, 2008 11:25 am

It looks like the man responsible for running Yahoo into the ground is finally going to throw in the towel.


In what I am sure was a flurry of applause by shareholders and the signing of many checks by the accounting department Jerry Yang has announced that he is stepping down as Yahoo CEO.


After rejecting an offer from Microsoft for a purchase of the Yahoo and the failure of the Google-Yahoo merger Yahoo's stock dropped dramatically and has put the company on dangerous financial footing.


Read the announcement here


Jerry Yang Steps down as Yahoo CEO

Many Yahoo shareholders have been upset with Yang since he refused to sell the Sunnyvale-based company to Microsoft for $US47.5 billion ($A73.13 billion) six months ago.


Although Yang had publicly expressed his desire to remain at the helm, Yahoo's board faced intensifying pressure to cast him aside as the company's shares plunged to their lowest levels since early 2003.


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