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images/news/breakingnews.jpgYahoo said Monday evening that Jerry Yang, its chief executive, would step down from that role after the company finds a replacement.
Mr. Yang, a co-founder of Yahoo, assumed control of the company a year and a half ago from Terry Semel, a Hollywood studio boss that he hand-picked for the job. His tenure has been a tumultuous period during which Yahoo rejected a $47.5 billion takeover offer from Microsoft and failed to cement an advertising partnership with Google.
The Microsoft offer was worth $33 a share — more than three times Yahoo’s closing price of $10.63 on Monday. The stock was up more than 4 percent in after-hours trading.
Mr. Yang, 40, helped turn Yahoo from an early directory of Web sites into a sprawling Internet giant that is used by nearly 500 million people. But shareholders have been asking whether Mr. Yang was the right man to run the company, which last month cut its sales forecast and announced plans to lay off workers.
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Mr. Yang, a co-founder of Yahoo, assumed control of the company a year and a half ago from Terry Semel, a Hollywood studio boss that he hand-picked for the job. His tenure has been a tumultuous period during which Yahoo rejected a $47.5 billion takeover offer from Microsoft and failed to cement an advertising partnership with Google.
The Microsoft offer was worth $33 a share — more than three times Yahoo’s closing price of $10.63 on Monday. The stock was up more than 4 percent in after-hours trading.
Mr. Yang, 40, helped turn Yahoo from an early directory of Web sites into a sprawling Internet giant that is used by nearly 500 million people. But shareholders have been asking whether Mr. Yang was the right man to run the company, which last month cut its sales forecast and announced plans to lay off workers.
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