Shares of Yahoo shot up 4% in after hours trading last night in apparent celebration of the company’s current CEO’s step down. The company’s stock has fallen from $31 in February to $11.78 as of today, largely in part to a series of unfortunate un-partnerships and non-acquisitions.
Jerry Yang, who some blame for fumbling the deal with Microsoft, then botching another with Google, will assume the position of “Chief Yahoo,” after a successor has been named– a corporate strategy role that will allow Yang to stay clear-er of trailblazing decisions. The dethroning has been described as “mutual” and “in progress for a while,” and will hopefully help the company restore stockholders dwindling faith in the color purple.
Yahoo’s chairman, Roy J. Bostock, wrote in a statement that Yahoo is “…deeply grateful to Jerry for his many contributions as C.E.O. over the past 18 months, and … pleased that he plans to stay actively involved at Yahoo as a key executive and member of the board.”
