Not long after a press release of Yahoo’s change in ideology for its future and mission of its company, its CEO steps down.
Now former CEO Terry Semel steps down and co-founder Jerry Yang replaces him. Semel still remains with the company as non-executive chairman. Susan Decker has been named president.
Good move, bad move? I think that is an opinion that is really up to ones point of view, but looking it at it from a competitive point of view against its biggest rival, Google, they keep requiring major changes to pull closer.
What did Semel say? “The Board and I have long talked about the importance of ensuring a smooth succession in Yahoo!’s senior leadership — and more recently, about the need for a leadership team committed to carrying Yahoo! through its multi-year transformation. As we discussed my future goals and plans, I was clear in telling the Board of my desire to take a step back sooner rather than later. I believe Jerry and Sue, with their superb talents and intense dedication to Yahoo! and its people, are the perfect combination to carry us forward. This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential — it is the right thing to do, and the right time is now.”
Semel continued, “Jerry and Sue will make an unbeatable team. Jerry has long been recognized as an Internet visionary. His incredible experience and close involvement since founding the company 12 years ago have given him tremendous strategic, technical and industry insight as well as unparalleled knowledge and understanding of Yahoo! and its great potential. We are equally fortunate to have Sue Decker, one of the most talented executives in the industry, as our new President. Sue has played a broad and important role in driving our strategy over the years, and has shown even greater skills and leadership with the success she’s had in taking on more operating responsibilities. Both Jerry and Sue have been great partners to me and I am looking forward to collaborating with and supporting them both, as well as the Board, in any way that I can as Chairman. I’m proud of all that we’ve accomplished over the past six years during this exciting, still early stage of the Internet’s development, and my single goal is to ensure that Yahoo! achieves its full potential.”
Throughout the day, its stock was steady, and news actually gave it a push:
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After Hours Market Price: After Hours: 29.36 Your browser may not support display of this image.1.24 (4.41%) as of 7:39PM ET on 06/18/07