WEB MARKET

Wanted: a CEO for Yahoo!

Web major Yahoo! is searching for a new CEO, as Jerry Yang will be quitting the position to resume his role as Chief Yahoo! and a Board Member. The move follows a series of recent debacles at Yahoo! including its potential deals with Google and Microsoft that couldn’t see the light of day and mass layoffs. 

Yahoo! has announced that its Board of Directors has initiated a search for a new Chief Executive Officer. Jerry Yang, co-Founder of Yahoo!, 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.  

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, says Yahoo!.  

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

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

The process to find a replacement might take a few weeks.

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