Well economy slowdown means you get a new CEO and everybody else gets fired! Well not as bad but bad enough as far as Yahoo is concerned. In a press release Yahoo has stated that its Board of Directors has initiated a search for a new Chief Executive Officer. Jerry Yang, co-Founder of Yahoo!, has decided to return to his former role as Chief Yahoo! upon the appointment of his successor as CEO, and he will also continue to serve on the Board. Yang, 40, assumed the CEO role at the Board’s request in June 2007, and he has led Yahoo! through a ‘strategic repositioning and transformation of its platform’.
Really? Strategic repositioning? Like turning down the offer from Microsoft?
Jerry Yang had this to say about stepping down as the CEO “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,” said Jerry Yang. “When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth. 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.”
There have also been rumours that come december 10th and Yahoo could cut 3500 jobs. Though none of this is ofcourse officially confirmed but given the excess hiring that has happened over the last year or so across the board in companies in the sight of growth its unavoidable that some sort of downsizing in staff takes place.
So its seems Yahoo board is thinking .. lets get a new CEO and fire 10% of staff and we should sail through this depression. Hopefully Microsoft will bid for us again?
Haha Strategic repositioning = Microsoft Offer turned down! Nice one! But honestly I think most companies are acting this way due to the downturn. Just firing a ceo or laying off people wont get revenues! One has to start building value which somehow seems to be lost in today;s times
Rumors of a possible Microsoft Yahoo deal now that Yang is out of the picture.. shhh.. dont tell anyone
I dont think its correct to lay off so many employees, I have been hearing so many lay off news and i think its unfair on employees who work hard in companies.