As expected by many, Yahoo’s embattled CEO has finally decided to step down from his post as Yahoo starts searching for a new CEO that would uplift Yahoo (again) from where it is right now. Tasked to assess potential candidates and determining the final lists of candidates are Yahoo chairman Roy Bostock, some independent directors and Mr. Yang himself serving as a consultant in the process.
Yahoo has also enlisted the services of leading international executive search firm Heidrick and Struggles to conduct the CEO search internally and externally.
Chairman Roy Bostock commends Yang and the Yahoo Board for leading Yahoo to an open platform model while aligning the company’s costs and revenues:
“Jerry and the Board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level. We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo! as a key executive and member of the Board.”
For his part, Yang gave his parting words as Yahoo CEO and declares what he plan to do next as Chief Yahoo, sitting on the Yahoo Board.
“From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise. 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.”
So who is it going to be? Who would be courageous enough to take on Yahoo and it’s declining value? Yang’s successor’s got a full load of issues to tackle and judging from Yang’s experience for 18 months – it’s going to be a make or break decision.