Wednesday, November 19, 2008

Yahoo! unveils new CEO search

Yahoo! is looking for a new CEO after an announcement today that cofounder Jerry Yang is stepping down from the top job as soon as a replacement can be found. This latest news comes just days after Google pulled out of an advertising partnership with Yahoo due to anti-trust concerns. It's hard to believe that the two events are unrelated. Perhaps this is a move designed by the Yahoo! board to entice Microsoft back to the negotiation room. Yahoo stock is currently trading at $10.60, well below the $33 a share offered by Microsoft back in May. $33 now looks quite optimistic but I doubt shareholders would be willing to accept a significantly lower offer. Only time will tell. Microsoft CEO Steve Ballmer has openly denied that Microsoft is still interested in a takeover.

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