Yahoo! Inc., whose shares fell 60 percent since spurning Microsoft Corp.’s $44.5 billion takeover bid, may find hiring a replacement chief executive officer more difficult while “Chief Yahoo” Jerry Yang works down the hall.
Yang, 40, agreed to step down as CEO and resume his former advisory role on Nov. 17 after rejecting Microsoft’s bid. The prospect of succeeding the Yahoo co-founder may not appeal to candidates fearful of second-guessing, said John A. Challenger, CEO of Challenger, Gray & Christmas Inc., a Chicago executive- placement firm. “There’s certainly the potential for trouble,” said Heath Terry, an analyst at Arlington, Virginia-based FBR Capital Markets Corp. who has an “underperform” rating on the shares. “In the minds of Jerry, most of the board and employees, this is still Jerry’s company.” Taiwan-born Yang will serve as CEO until a new one is hired, said Kim Rubey, a company spokeswoman. He wasn’t available for comment, she said. Yang’s full-time job as Chief Yahoo focuses on global strategy, products and technology, according to a company blog. He’ll also continue as a Yahoo board member. Mozilla Corp.’s Mitchell Baker, Quiznos Corp.’s Gregory Brenneman and Hasbro Inc.’s Alfred Verrecchia are among 216 CEOs stepping down this year and remaining with their companies in another capacity, according to a survey this month by challenger firm
Yang, 40, agreed to step down as CEO and resume his former advisory role on Nov. 17 after rejecting Microsoft’s bid. The prospect of succeeding the Yahoo co-founder may not appeal to candidates fearful of second-guessing, said John A. Challenger, CEO of Challenger, Gray & Christmas Inc., a Chicago executive- placement firm. “There’s certainly the potential for trouble,” said Heath Terry, an analyst at Arlington, Virginia-based FBR Capital Markets Corp. who has an “underperform” rating on the shares. “In the minds of Jerry, most of the board and employees, this is still Jerry’s company.” Taiwan-born Yang will serve as CEO until a new one is hired, said Kim Rubey, a company spokeswoman. He wasn’t available for comment, she said. Yang’s full-time job as Chief Yahoo focuses on global strategy, products and technology, according to a company blog. He’ll also continue as a Yahoo board member. Mozilla Corp.’s Mitchell Baker, Quiznos Corp.’s Gregory Brenneman and Hasbro Inc.’s Alfred Verrecchia are among 216 CEOs stepping down this year and remaining with their companies in another capacity, according to a survey this month by challenger firm
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