TEXT OF STORY
Scott Jagow: But Yahoo shares are up about 15 percent overseas. Investors seem to like the idea that the company’s founder, Jerry Yang, is stepping down. Marketplace’s Janet Babin reports from North Carolina Public Radio.
Janet Babin: Jerry Yang’s tenure as CEO at Yahoo has been a rocky one. When Microsoft talked merger, Yang told the company to take a walk, then asked them back to the table months later. Microsoft said no thanks — it withdrew its $47 billion buyout offer in May.
Then an advertising deal with Google fell through because of regulatory issues. Shareholders and investors called for Yang to step down. The stock’s been in decline for months. Last month, the company announced it would cut 1,500 jobs in an effort to cut costs.
Yang says from now on, he’ll focus on Yahoo’s strategy and technology. As for the next CEO, the company’s hired a corporate search firm.
I’m Janet Babin for Marketplace.
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