Financial News Story of the Day – Yahoo Co-Founder Jerry Yang Quits for Good
Yahoo co-founder and former CEO Jerry Yang announced that he would be leaving, holding as much as $750 million in company stock. Though no longer the CEO, Yang held the title Chief Yahoo and sat on its board. The internet portal’s stock rose by 5% on news of his departure. Yang received a great backlash of criticism from investors after rejecting a $45 billion bid for the company by Microsoft. But whereas Yang’s departure is met with celebration, does it really have an impact on the company’s business model and future?
Just what Yahoo is, no one can say exactly. Terms like news aggregator, search portal and others have been used to describe it. In fact, a Yahoo employee once said that the company itself doesn’t know what it does. For now though, Yang’s exit represents a chance to do things in a different way and ushers in an era of change, both for the company and the internet as a whole (source: Forbes.com).
Excerpt: “Perhaps the most brutal assessment of the exit of Jerry Yang, who resigned from “all positions” at Yahoo! (NASDAQ: YHOO) on Tuesday, was that of Dennis Gartman who opined on CNBC “there just aren’t that many people who have destroyed that much money with one decision.
Gartman was referring to the $45 billion offered for Yahoo! by then-suitor Microsoft four years ago.”
Why do you visit Yahoo? What do you use the site for, news or search?
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