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Posts Tagged ‘Jerry Yang’

Yahoo! Co-Founder Jerry Yang Resigns From Company

Silicon Valley giant Yahoo! Inc. announced today that Jerry Yang has tendered his resignation, 17 years after co-founding the company. Stock prices of the beleaguered company rose slightly following the announcement.

Yahoo has seen a decline in revenue in recent years, and has been struggling to compete with other online companies for advertising dollars. Yang gained some notoriety among shareholders in 2008 when, while he was serving as CEO, the company rejected a multi-billion dollar deal to sell to Microsoft. Yang stepped down as CEO within months, but remained on the board.

Yang said in a statement:

My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life. However, the time has come for me to pursue other interests outside of Yahoo!

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Yahoo! Layoffs: The Gift That Keeps On Giving

yahoo!.jpgJust a few days after its draconian layoffs, Yahoo! is still feeling the pinch of an angry mob that was p-o’d at being dumped.

The result has been a boon for Valleywag.com, which posted some of the more interesting behind-the-scenes stories among the layoffs.

Best item: Jerry Yang, Yahoo! CEO lined his house with Kevlar before he chopped the legs out from 1,500 workers.

Not Too Many Saying Yahoo! To Yahoo!: Layoffs Started Today

yahooimage2.jpgYahoo! in California went through with its quasi-announced layoffs today.

Hundreds of people were shown the door by security guards (1,500 throughout the state; 200 in L.A.), complete with Christmas gifts in their arms and tears in their eyes.

Generally, even though they were being laid off and truly pissed off at Yahoo! management including CEO Jerry Yang, employees were ultra-reluctant to talk to the media.

But a few juicy notations showed up on Twitter. To wit:

Much crying and gasping (as people find out the next person is gone) and many hugs and “good lucks”s about 6 hours ago from web

I got an email which said simply “I need to talk to you about changes to the organization” – for 10:45 am in a conf room about 6 hours ago from web

Many mgrs and jr mgrs gone — top performers, too about 6 hours ago from web

Count now is way over 25 about 6 hours ago from web

My manager got laid off and so did i, just now — and at least two others on my team about 6 hours ago from web

Got off elevator, saw coworker, w/backpack, wlking 2 conf rm w/ mgr. they started promptly. people on floor exchanging xmas gifts about 7 hours ago from web

Not pitiful. Just sad.

EXCLUSIVE: Yahoo! To Lay Off 1,500 In California on Wednesday; 200 In L.A.

jerryyang.jpgYahoo!, via an email from departing CEO Jerry Yang, told its California employees that on Wednesday, as many as 1,500 employees will be tossed, inside sources confided to FBLA.

yahoosign.jpgNo details were available regarding the email, but one employee who read it said Yang talked about the need to make cutbacks. This was in keeping with his statement in mid-November that Yahoo! would have to layoff as much as 10% of its global workforce. He targeted Dec. 10 as D-Day for these employees.

In her technology blog All Things Digital, Kara Swisher said Yang had told her in October that layoffs were a distinct possibility and described them as “consolidation and organizational corrections.”

“We’re asking ourselves — should we sell it or should we shut it down?” Yang said. “That is the kind of comprehensive look we are doing across the company.”

The layoffs, which could ultimately number as high as 2,000, are generally across the board, but human resources will likely take the biggest hit because their expenses are cost-based and most of their costs are staff.

Swisher said employees will be told Wednesday, but FBLA sources saw the email on Monday afternoon. Staff is supposedly allowing for a “normal seperation period,” but that could mean that employees will have to exit within a few hours of being told.

Swisher’s sources said Yahoo executives are not expecting any serious problems like extremely upset employees because the layoffs have been long in coming. Security will be present, however, at its Sunnyvale headquarters and presumably in Los Angeles.

Most employees do not know if they will be let go yet, Swisher maintained, because the cuts have not yet been made public.

Yahoo! is playing it close to the vest because entire projects might be eliminated and the secrecy allows time to restructure further if necessary.

Swisher conjectures that rumors have surfaced of whole divisions being juggled among the bigger managers presumably to stake out territory before a new CEO is installed.

Meanwhile, Yang has not officially left his slot, though he said last month that he was planning on leaving.

Jerry Yang Just Says Sayonara To Yahoo!

Yang.jpgYahoo! CEO Jerry Yang, who has been back and forth on whether he was sticking with the struggling internet giant, chose to surprse everyone and quit on Monday, the New York Times and others wrote.

Yang, who was unclear about Yahoo!’s future last summer at the Herb Allen Sun Valley Media Conference. At the time, Yang told FBLA that is future was uncertain, but that for the short term he wasn’t going anywhere.

In a memo sent to the company’s staff on Monday evening, Yang said he would retain the post until the board names his successor. After that, he said he’d return to his previous job as “chief Yahoo” – a corporate strategy role – and remain on the board.

Yang’s move comes 18 months after he assumed the CEO post after the departure of Terry Semel. His tenure has been dogged by a precipitously declining stock price and the collapse of a $44 billion takeover offer from Microsoft.

In the memo, Yang wrote, “I strongly believe that having transformed our platform and better aligned costs and revenues, we have a unique window for the right ceo to take ownership over the next wave of mission-critical decisions facing the company.”

Yahoo’s Jerry Yang Steps Down as CEO

JerryYang.jpgLooks like at least one chapter of the long Yahoo soap opera has drawn to a close. Jerry Yang, who co-founded Yahoo back in 1995 announced yesterday that he was stepping down from his position as CEO. The move comes after many, many months of wrangling, proxy battling, and failed takeover and merger attempts — most notably Yang turned down a unsolicited offer of $31 a share in cash and stock from Microsoft — and more recently a failed move to strike a search-advertising partnership with Google.

Yang took over as CEO in June of 2007 amidst “high hopes” but quickly became the object of shareholder frustration and criticism after turning down the Microsoft offer amidst plummeting stock shares. Proxy battler Carl Icahn had promised to replace Yang if he was successful in his bid this past spring, but in the end the two managed to strike a truce, which kept Yang in is position. That said, apparently Yang has been considering stepping down for months. Wired says Yang is “out of the company he cofounded looking anything but a visionary, but instead as yet another high tech entrepreneur…who didn’t realized that time had passed him by.” On the upside Yang’s return to a figurehead position (Chief Yahoo) may pave the way for another deal with Microsoft. As for who might fill Yang’s shoes?

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Yahoo Does the Hanging Chad, Yang Actually Not So Popular

florida_hanging_chad_recount.jpgRumors have been swirling since last week’s Yahoo shareholder’s meeting that the voting results from the August 1 election of its board of directors did not quite add up (suspicion arose when Yahoo head Jerry Yang‘s numbers were higher than last year’s). Turns out where there’s smoke there’s fire.

Yahoo has announced that the company it hired to do the counting made a mistake, seems Yang and three other board members including Yahoo chairman Roy Bostock, director Ron Burkle and Arthur Kern are significantly less poplular than they’d been led to believe. In fact 33% of the members withheld their vote for Yang out of protest (this is more than double what was originally reported). No word yet on how the mistake was made.

Icahn Forsakes Yahoo Shareholder’s High Noon Throwdown

highnoon.gifThis is no fun at all. After months of stirring up trouble and headlines (and blog posts) proxy battler Carl Icahn will not be attending the Yahoo‘s long anticipated annual shareholders meeting today. Per Icahn’s blog:

I will not be attending. The proxy fight is over and it will not do shareholders or Yahoo any good to have the annual meeting turn into a media event for no purpose.
Ha! As if media events need a purpose, this is an election year after all. Ichan goes on to say that the reason he’s been on the DL these past two weeks is because he saw the writing on the wall and decided there was “no point in spending the final two weeks in a debilitating fight.”

Anyway, the end result is that Yahoo head Jerry Yang will be flying solo today when he faces shareholders, though with Icahn’s absence and a zero deal with Microsoft the mood feels a tiny bit more conciliatory than it did a few months ago, and certainly (sadly for us, we admit) will result in less fireworks. That’s not to say Yahoo doesn’t face a uphill battle, stock prices plunged after Yang turned down the Microsoft deal back in May, and have yet to recover.

Is That All There Is? Microsoft Calls it a Day on Yahoo Bid

White-Flag-Small.jpgAlas. It looks like maybe, finally, Microsoft has thrown in the Yahoo towel. The last straw in the months long we-love-you, we-love-you-not dealings may have been this week’s announcement that proxy-battler Carl Icahn had apparently jumped ship and made amends with Yahoo head Jerry Yang, accepting three board seats in the process. This following a Icahn, Microsoft offer that Yahoo termed “stupid.” Yesterday, chief financial officer Chris Liddell told a group of Microsoft investors that the chance of deal was “so small as to be essentially negligible,” and Microsoft head followed up saying that he hoped Liddell’s comments “had removed any ‘specter’ of uncertainty.”

So what’s the next step for Microsoft? Well they have just announced a deal to bring “its Web search and search ads to social-networking site Facebook Inc.” After all this, we imagine they will need as many friends as they can get.

Icahn Boomerangs Back to Yang, Gets Three Board Seats for His Troubles

hansavestheday.jpgWe can’t decide whether this is like the time gun-for-hire Han Solo reconsidered his selfish ways at the last minute and zoomed in to save Luke from Darth Vader. Regardless, with ten days to go until the Yahoo stock holder meeting we will bet this isn’t the last plot twist to come. The New York Post is reporting that proxy battler Carl Icahn has made good with Yahoo head Jerry Yang and in the process acquired three of the eleven seats on Yahoo’s board. You may recall how last week Icahn’s “stupid” joint bid with Microsoft to take over Yahoo completely failed. The Post calls the weekend reunion a “face-saving settlement” that came about after Icahn realized Microsoft’s Steve Ballmer was talking a bigger game than he was willing to play.

Ballmer basically played Icahn like a fiddle here,” said one Yahoo shareholder. “He told Icahn that he was still interested in Yahoo but refused to put a price out there that would have convinced shareholders to take a chance with his slate.
The end result is that Yang wins (for the moment, and who saw that coming?) and Icahn is left in the red for all that Yahoo stock he bought last spring: Yahoo stock dropped 3.5% yesterday.

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