Chief Yahoo AgainBy Reuters - | Posted 2008-11-18 Email Print
Yahoo CEO Jerry Yang will leave the role as chief executive of the number 2 search engine on the Internet. After deals with Google, Microsoft and AOl have gone virtually nowhere, Yang will step down to focus on Yahoo's technology and strategy.
CHIEF YAHOO AGAIN
Yahoo Chairman Roy Bostock is leading the effort to find a replacement, said Yang, who will continue to serve as a director.
"Jerry was miscast in this CEO role as far as running Yahoo at this point," said Martin Pyykkonen, an analyst at Wunderlich Securities. "He's much better off running strategy or technology behind the scenes."
Pyykkonen said it was a step in the right direction for Yahoo, but warned that a lot depended on the board's choice to replace Yang.
"Because he's stepping down doesn't mean the company is going to magically be wonderful again," he said.
Yahoo has hired the executive search firm of Heidrick & Struggles to look for both internal and external candidates.
The process could take anywhere between four weeks and 12 weeks, the source said.
Analysts listed several executives as potential candidates for the job, including former AOL chief Jon Miller, News Corp President and Chief Operating Officer Peter Chernin, former eBay Inc Chief Executive Meg Whitman, former Yahoo COO Dan Rosensweig and Yahoo President Sue Decker.
The source familiar with Yang's talks with the board said Decker, No. 2 at Yahoo, was among the candidates being considered.
(Reporting by Anupreeta Das, Gabriel Madway and Jennifer Martinez, and Yinka Adegoke in New York; editing by Carol Bishopric and Alex Richardson)
© Thomson Reuters 2008 All rights reserved