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- pstroll, on 11/18/2008, -3/+71"Dear shareholders,
Sorry 'bout the botched merger with Microsoft that cost you 2/3 of your investment. But at least we still got our dignity right ... Right??" - talonstriker, on 11/18/2008, -2/+29Stepping down
Posted November 18th, 2008 at 9:09 am by Jerry Yang, CEO & Chief Yahoo
Number of Comments 16 Comments » / Filed in: Trends & News
As you’ve no doubt already read, I’ve decided that I will step down from my role as Chief Executive Officer after my successor has been selected.
Ever since founding Yahoo! with David Filo 13 years ago, I’ve been passionate about this company, its brand, its employees, and the millions of people around the world who consider it their online home. That’s why I accepted the Board’s request to become CEO in June 2007, taking on the challenge of transforming Yahoo! at a time when the industry was evolving quickly and we needed to rethink and restructure our business.
And despite the tough external environment that we face, I truly believe we’ve made tangible progress in bringing our strategic vision to life. Most significantly, we’ve rewired our entire network to create a Yahoo! that has opened its doors to outside publishers and developers. We’ve launched an advertising platform that we think will transform how ads are bought and sold online. And we’ve continued to grow our audience –- standing first or second in more than 20 product categories and demonstrating that Yahoo! is the place users turn for major events like the Olympics and the Elections.
And now I believe the time is right for us to bring in a new leader –- someone who will build on the important pillars we’ve put in place and who will take the reins on the critical decisions our company faces. As for me, I’ll be returning to my role as Chief Yahoo and board member once my successor is named. I’ll go back to focusing on our global strategy, product excellence, technology innovation, and working with the Board and our executive team to help Yahoo! realize its full potential.
It’s been an extraordinary year here at Yahoo! –- for all of us. I’m really proud of the determination and resilience of Yahoos around the world who are so committed to giving you the best Internet experience possible. It is for them, and for you, that I will always bleed purple.
Jerry Yang
Chief Yahoo and CEO - gcnaddict, on 11/18/2008, -6/+29Seriously? Digg effect on Yahoo's corporate blog?
"Sorry, Unable to process request at this time -- error 999. "
Anyway, his post is riddled with (expected) doublespeak. The post important part is this:
"And now I believe the time is right for us to bring in a new leader."
Only because he realized he couldn't run his own company without his ego blocking his judgement. Yahoo's current stock value is 1/3 of Microsoft's offer. - wilf_brim, on 11/18/2008, -2/+24He could have done this in far fewer words.
"Yea, about that Microsoft thing. Epic Fail. I'm outta here." - Areus, on 11/18/2008, -3/+25O MAI GAWD KEVIN ROSE?!
- MCA2142, on 11/18/2008, -5/+25Q: Define Yahoo
Yang: It's this thing I built. - lancert, on 11/18/2008, -6/+25Oops. The Digg effect on Yahoo??
Sorry, Unable to process request at this time -- error 999. - zerobriers, on 11/18/2008, -3/+19That $28 per share offer from Microsoft looks damn good in the rear view mirror. Hey, objects do appear bigger than they really are!
- kragil, on 11/18/2008, -8/+23--sip--
Sorry, Unable to process request at this time -- error 999.
Yahoo!
Unfortunately we are unable to process your request at this time. This error is usually temporary. Please try again later.
If you continue to experience this error, it may be caused by one of the following:
* You may want to scan your system for spyware and viruses, as they may interfere with your ability to connect to Yahoo!. For detailed information on spyware and virus protection, please visit the Yahoo! Security Center.
* This problem may be due to unusual network activity coming from your Internet Service Provider. We recommend that you report this problem to them.
While this error is usually temporary, if it continues and the above solutions don't resolve your problem, please let us know.
Return to Yahoo!
Please try Yahoo! Help Central if you need more assistance.
--sip--
Yeah, Yahoo is still a tech powerhouse. - inactive, on 11/18/2008, -3/+18To hell with Yahoo, they totally ruined their chat system by closing the private rooms, all it did was have the opposite effect by bringing the perverts into the main rooms, their search engine sucks compared to google, their front page "news" can be days old, and their site look needs to join the 21st century
- inactive, on 11/18/2008, -0/+14I guess since Jerry founded the company it's ok that he has doomed it with his overblown ego. Shame about all those shareholders, though. The shares are worth less than half of what Microsoft offered them now, but wtf, it's Jerry's company so he gets to do what he wants with it. Now he will be chief yahoo. That means drawing a huge paycheck just in case Microsoft changes their mind and buys them out anyway. Then Jerry can get his huge severance package and retire to Tahiti.
- mikehill33, on 11/18/2008, -2/+13Yang's pride did him in.
Too much hubris to operate the company for the greater good of shareholders (which is who you answer to when you go public).
Good riddance, and I am optimistic in Yahoo!s ability to survive and reinvent themselves. - Hercules, on 11/18/2008, -1/+11Does Yahoo get a bailout?
- Trifold, on 11/18/2008, -0/+9Mood: Regretful
Currently Listening To: Fall Out Boy - Thanks for the Memories - inactive, on 11/18/2008, -5/+13In his own words, or those of his publicist, agent, PR staff with input from the rest of the board.
Come on, this is corporate America people. Blogs are just the latest mouthpiece. - FaithclubDotNet, on 11/18/2008, -6/+14Sorry, Unable to process request at this time -- error 999.
Sounds like a great reason to leave. - BillDoE, on 11/18/2008, -1/+8***** Yahoo! It takes me about 5 minutes to get a new website listed on Google with Google Webmaster tools. Yahoo took about a month.
- Drizzle, on 11/18/2008, -5/+11And don't forget Wired's "The Madness of King Jerry"
http://blog.wired.com/business/2008/11/the-madness ... - joshhan, on 11/18/2008, -1/+7"Chief Yahoo"
This. - benologist, on 11/18/2008, -2/+8Yahoo > Kevin Rose....
- macslut, on 11/18/2008, -0/+5The description is perhaps a bit misleading. He's not leaving. He's returning to the role he had before June 2007. Back then he was considered to be taking the CEO role somewhat on an interim basis.
- hwy9nightkid, on 11/18/2008, -0/+4AOL's problem was they merged with Timewarner for no reason..making a company with little direction or vision
- Drizzle, on 11/18/2008, -0/+4Bad joke, I guess. Oops.
- calypsoschnitzl, on 11/18/2008, -1/+5how appropriate.
- inactive, on 11/18/2008, -2/+6You mean Kevin Rose the new CEO of Yahoo?
- allankh, on 11/18/2008, -0/+3Thank you for everything Mr. Yang.
- inactive, on 11/18/2008, -1/+4I hope you are joking, otherwise you heard wrong.
http://money.cnn.com/2008/10/20/technology/yahoo_e ... - MrViklund, on 11/18/2008, -1/+3Sad that he has to step down. At lest he will still be in the company.
The stock has collapsed because of the market like every other company. The stock would be much higher if USA wasn't in a recession. I support Yahoo and Yang. - LanceUppercut, on 11/18/2008, -0/+2People usually cash out and move on. If I sold a body shop I had run for 15 years I would never be near the place, however he is still that much involved in the company, essentially running it again! He has the money to retire or do something new, why is he so attached to this beast? Retire man. Time is the one true asset shared between people regardless of how much money they have, enjoy yours.
Seacrest Out! - sh0rtstop00, on 11/18/2008, -0/+2the blog post has capital letters.. buried as inaccurate.
- Atomic1fire, on 11/19/2008, -0/+2except he is only leaving one position
He still has a job as board member and Im not entirely sure what a chief yahoo is... - overclock, on 11/18/2008, -0/+2Wish you the best of luck Mr Yang.
All the best for you
Br,
OC
http://www.app4mobile.com - jamshid, on 11/18/2008, -3/+5http://www.theregister.co.uk/2008/10/22/dziuba_yah ...
Yahoo! is firing a bunch of people to cut $400 million from its budget. That sucks for the people who work there, but the entrepreneurs and venture capitalists who hustled Yahoo! out of more than $2.5 billion in the last 4 years probably aren't terribly concerned.
In the typical American fashion, Yahoo! bought a bunch of ***** it didn't need with money it didn't have. That, of course, was no problem at the time because the stock market always goes up, and they get a *****-ton of airline miles every time they buy a Web 2.0 startup. In the other typical American fashion, the sharks took advantage of Yahoo!'s poor financial sense and engineered a little bit of the old redistribution of wealth - namely distributing Yahoo's wealth across their pockets.
I love this country. - hwy9nightkid, on 11/18/2008, -0/+2RTFA, he's not LEAVING the company!
- LanceUppercut, on 11/18/2008, -0/+2dugg for "Give me your car."
- inactive, on 11/19/2008, -0/+2*bends over further*
Thank you sir, may I have another? - gatorfree, on 11/18/2008, -1/+3The needs of the many outweigh the needs of the few ... or the one.
- slapded, on 11/18/2008, -2/+4damn. yahoo answers is going to go to ***** now... oh wait..
- inactive, on 11/18/2008, -1/+3it's lame enough that a lot of people have him on their digg list but no apparently he's being followed on twitter too
and someone tell me how i can get rid of the god damn townhall meeting announcement box at the top, it keeps coming back! - stealthspc, on 11/18/2008, -0/+2Time to apply for position as the new Yahoo CEO.
- ElBeh, on 11/18/2008, -4/+6Who?
- inactive, on 11/18/2008, -1/+3Next tech CEO who needs to go: Sun's Jonathan Schwartz.
- shoook, on 11/19/2008, -1/+3and slowly tore apart
- inactive, on 11/18/2008, -0/+1They suck, no bailout for them!
- hwy9nightkid, on 11/18/2008, -0/+1wat?
- hwy9nightkid, on 11/18/2008, -0/+1Yet Another Hierarchial Officious Oracle!
- zerobriers, on 11/20/2008, -0/+1In this instance, that last one actually didn't apply.
- guymal, on 11/19/2008, -0/+1I guess he finally had time to fix the Caps Lock key on his keyboard.
- gcnaddict, on 11/18/2008, -0/+1I meant to say "most" instead of "post," but the most important part in Yahoo's history already passed, so I guess the statement is still valid.
- Blacksoth, on 11/19/2008, -0/+1Most people are upset about the deal because they were convinced Yahoo had come as far as it could go and should have allowed itself to be bought out by MS (and the fact that they could make good money right now). We'll see who was right.
As a consumer I'm happy they turned down MS but I totally understand how shareholders are upset. Not only did they miss out on a nice bump, turning down the bid always results in even further punishment (even if the stock doesn't deserve it) and in this environment it's getting it in is even worse then normal. -
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