Yahoo to replace CEO Jerry Yang
Getty Images ( 2008-11-18 01:02:26 )
Internet firm Yahoo is replacing its CEO Jerry Yang, the company has said in a statement.
The pioneering Internet company announced Monday that its board of directors has initiated a search to find a replacement for Yang, 40, who is one of the founders of Yahoo.
The shakeup comes after Yang spurned a takeover earlier this year by Microsoft, to the disapproval of many company shareholders. According to the statement Yang is to remain with the company and also will continue to serve on the board of directors.
"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," said chairman Roy Bostock.
Yang vowed in the statement to help with the transition.
"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," he said.
"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."
Copyright 2008 AFP Global Edition
