Yahoo! Inc. (NASDAQ:YHOO) has announced today that Jerry Yang will be stepping down as CEO. Co-founder Yang will be returning to his previous role on the Board as Chief Yahoo! Yang stepped into the CEO role in June 2007 after Terry Semel resigned.
“From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise,” stated Jerry Yang. “When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth. Having set Yahoo! on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader. I will continue to focus on global strategy and to do everything I can to help Yahoo! realize its full potential and enhance its leading culture of technology and product excellence and innovation.”
Choosing the next CEO Yahoo! will be very important for the Board. The last two CEOs have received a great amount of disapproval. Yang for not accepting the Microsoft offer and Semel for allowing Google to takeover search market share. Before Semel, Tim Koogle was CEO. Koogle is now a real estate expert with a focus on Mexican properties.
Whoever the next CEO will be dealing with a very complicated company and I wish Yahoo! luck.