Yahoo CEO and co-founder Jerry Yang announced his pending
resignation as CEO Nov. 17 after facing months of grueling pressure
from shareholders, employees and an unsuccessful hostile takeover
attempt by Microsoft.
In
an e-mail to all Yahoo employees, CEO Jerry Yang, who had been under a
great deal of criticism in the wake of the botched merger with
Microsoft, said he will return to his former role as so-called "Chief
Yahoo" when a new CEO is named.
To: All Yahoos
Fr: Jerry
Subject: Update
Yahoos -
I wanted to address all of you on the news weve just announced. The
board of directors and I have agreed to initiate a succession process for the CEO
role of Yahoo!. Roy Bostock, our chairman of the board, is leading the effort
to identify and assess potential candidates for consideration by the full
board. The board will be evaluating and considering both internal and external
candidates and has retained Heidrick & Struggles [an international
executive search firm] to help in this effort.
I will be participating in the search for my successor, and I will
continue as CEO until the
board selects a new CEO. Once
a successor is named, I will return to my previous role as Chief Yahoo and
continue to serve as a director on the board.
Last June, I accepted the boards request that I assume the CEO
role to restructure and reposition the company as a whole in order to more
effectively meet the fast-changing needs of both users and partners. Since
taking on the CEO role, I have
had an ongoing dialogue with the board about succession timing. Thanks in large
measure to your tireless efforts, we have created a more open, competitive
Yahoo! and we believe the time is now right to transition to a new CEO
who can take the company to the next level.
Despite the external environment we face, the fact remains that Yahoo! is
now a significantly different company that is stronger in many ways than it was
just 18 months ago. This only makes it all the more essential that we manage
this opportunity to leverage the progress up to this point as effectively as
possible. I strongly believe that having transformed our platform and better
aligned costs and revenues, we have a unique window for the right CEO
to take ownership over the next wave of mission-critical decisions facing the
company.
All of you know that I have always, and will always, bleed purple. I will
always do what I think is right for this great company. While this step will be
an adjustment for all of us, I know its the right one. I look forward to
updating you on this process as soon as the board has developments to share,
and will continue to do everything I can to make Yahoo! fulfill its full
potential.
Thank you,
Jerry