Yahoo! Shares Increase as CEO Steps Down

Posted by Tanya Hall

November 20, 2008

News came out earlier this week that Yahoo! CEO Jerry Yang was standing down. Well I can imagine the shareholder’s Christmas party going off with an extra bang, as the news has boosted Yahoo’s shares by a massive 10%.

Only last month did the company reveal that its profits had fallen by two-thirds in the last quarter.

Why the celebration over what is usually a somber moment? Earlier in the year, Yang ultimately rejected a takeover bid from Microsoft which was seen by many shareholders as a necessary step for the struggling Yahoo. This, coupled with recent job losses did not put Jerry Yang in a very popular position.

“From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise”, Yang said in a statement.

If people are hopeful of a Microsoft takeover now, they may be getting their hopes up as the computing Goliath has recently stated that it is no longer interested in the takeover bid.

Yang’s replacement has not yet been named as the recruiting process can take up to twelve weeks.

Source: Pocket-Lint

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