Yahoo searching for new CEO

By Dan Butcher

November 19, 2008

Jerry Yang is a cofounder of Yahoo

Yahoo Inc.'s board of directors has started a search for a new CEO.

Jerry Yang, cofounder of of the online media giant, 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. Mr. 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.

"Jerry Yang and the board have been talking about this for some time, and they felt it was the right time to bring in a new leader to take the company to the next level," said Brad Williams, spokesman for Yahoo, Sunnyvale, CA.

"He had the title 'Chief Yahoo' before he was CEO, and he will continue to provide input on the strategic direction of company and our technology and products," he said.

"He will remain a board member, and he will remain CEO until his successor has been named and hired. It's a mutual decision, and we've just initiated the search for Jerry's successor. We plan to move as quickly as we can, but thoughtfully and deliberately, to take Yahoo forward."

Yahoo serious about mobile

Chairman Roy Bostock, working with the independent directors and in consultation with Mr. Yang, is leading the process of assessing potential candidates and determining finalists for consideration.

The search will encompass both internal and external candidates. The Yahoo board has retained Heidrick & Struggles, a leading international executive search firm, to assist in the process.

Over the past year and a half, Mr. Yang has led the repositioning of Yahoo on an open-platform model and adjusted the alignment of costs and revenues. He also ran into heavy criticism for opposing a takeover by Microsoft a few months ago.

Yahoo exec Marco Boerries at the CTIA show. Picture by TechFever Network

It's still unclear what effect the leadership change and a slowing economy will have on Yahoo's mobile strategy.

One of Yahoo's key mobile strategists is Marco Boerries, the executive vice president of Connected Life services for Yahoo. Other key Yahoo mobile executives include David Katz and Michael Bayle.

"It's premature to speculate about any changes in our mobile strategy or leadership," Mr. Williams said. "We've just announced that we've initiated the search for Jerry's successor and it will take some time."