After Yahoo's CEO Jerry Yang announced on Monday, November 16, 2008, that he was stepping down, Yahoo Inc. shares went up 11%.
This could mean that Microsoft Corp. could make another bid for the Internet company that's faced hollowed earnings and sinking stock prices.
Mr. Yang, who co-founded Yahoo in 1995, demured and resisted at a $47.5 billion takeover offer from Microsoft back in May 2008. Perhaps it's this emotional attachment that also inspired him to decide to step down as CEO so that the company can improve its stocks and revenue.
He won't, however, vacate his current position until a replacement is found. Yahoo is interviewing candidates internally, as well as outside in a search that's being handled by Roy Bostock, chairman of Yahoo and an executive recruitment firm.
Despite Mr. Yang's resistance to step down, the company's board faced tremendous pressure to oust him as Yahoo's shares took a nose-dive to their lowest since early 2003.
When Mr. Yang declined Microsoft's offer, it incited a shareholder revolt which was led by billionaire investor Carl Icahn. Mr. Icahn has ceaselessly continued to lobby for Yahoo to reach a deal with Microsoft that would either have the company sold in its entirety or just its search engine.
After wasting Yahoo's chance to sell to Microsoft, Mr. Yang tried to forge an advertising partnership with Google in hopes of hiking up their profits.
Yahoo also considered a possible acquisition of AOL which had many analysts panning it as a desperate move that would further hurt Yahoo.
Regardless of what shareholders may think of Mr. Yang, it's indisputable that he's made a legacy as an Internet pioneer.