Yang Leaves Yahoo for the Good of the Company
Yahoo was a leader in the formation of the Internet. Millions of people used Yahoo mail, set it as their home page, and searched the Internet through Yahoo. These users trusted Yahoo for everything, and it repaid them with tight Internet security and a great experience at the time. Over the last few years, however, Yahoo’s popularity has dropped considerably in favor of Google and other websites that offer similar services.
Yahoo fell behind and there is a multitude of reasons why that happened. Small decisions and large ones both have brought Yahoo to the point the company is currently at – a struggling former leader that is slowly losing ground to the newer companies. Some people have begun to blame Jerry Yang for these problems.
Yang, the co-founder of the company, has been on the board of directors since the company’s inception. In 2008, while Yang was Yahoo’s CEO, he rejected an offer from Microsoft to buy the company. This decision was not popular and was a major factor in Yang stepping down as CEO.
On January 17th, however, Yang officially resigned from Yahoo. He is leaving the boards of two Yahoo subsidiaries and giving up his honorary title of ‘Chief Yahoo’ as well. This action comes just on the heels of the company hiring a new CEO, Scott Thompson. Thompson, a former executive at PayPal, is attempting to turn Yahoo’s downward slump around and bring the company back to relevancy in the eyes of the public.
It seems that Yang’s presence at the company may have been hindering that turn around. Shareholders have been urging Yahoo to sell two companies in Asia and now that Yang has resigned, perhaps they can finally make that deal.
As a founder of Yahoo, Yang had been resistant to change, but that is exactly what the company needs to do. Since losing much of its user base to Google, Yahoo has been falling further behind. In order to survive in this age of constantly shifting Internet companies, Yahoo needs to update its services to what users now want from their search engine service.
After Yang’s resignation announcement, Yahoo’s shares jumped 3%. This is remarkable because the company’s shares have been falling steadily over the past year. Shareholders certainly believe that this is a turning point in Yahoo’s history, but it remains to be seen whether the former Internet giant can make its way back to the top after having fallen so far.
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