WITH CEO’S RESIGNATION
‘Business as usual’ for Yahoo! in RP
By Alexander Villafania
INQUIRER.net
First Posted 15:23:00 11/18/2008
Filed Under: Online, Technology (general), Internet
MANILA, Philippines -- The Philippine operations of online giant Yahoo! will remain unaffected despite the announced replacement of Yahoo! co-founder Jerry Yang as chief executive officer.
Yahoo! Philippines General Manager Jojo Anonuevo declined to comment on the issue but Yahoo! Southeast Asia Communications Manager Jeremy Seow said they do not see near-term impact on their business in the country following this major development.
Seow described Yahoo! Philippines' operations as "very impressive" as they have already activated a series of services unique to the Philippines, with some targeting overseas Filipino workers.
"We continue to focus on our existing plans for leveraging our world-class brand and industry-leading audience platform," Seow said.
The Yahoo! Philippines has been in the works for at least two years but it was only in mid-2008 that the office has been set up.
Jerry Yang who co-founded Yahoo! with David Filo in 1994 announced his resignation in November 17 (US time) as chief executive officer. But he will return to his former position of Chief Yahoo! and will continue to serve as one of the board members.
Yang, who spurned a takeover offer from Microsoft earlier this year, stepped down as chief executive of the Internet company.
"Jerry and the Board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level," Yahoo chairman Roy Bostock.
"We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo as a key executive and member of the Board," he added in a statement.
Yang said it was time to turn the company, whose share price has plummeted during the past year, over to a new leader.
"From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise," Yang said in a statement.
"When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth," he said.
"Having set Yahoo on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader," he said.
"I will continue to focus on global strategy and to do everything I can to help Yahoo realize its full potential and enhance its leading culture of technology and product excellence and innovation."
Yang's rejection of Microsoft's 33-dollar-a-share takeover bid earlier this year was met with disapproval by many of the California company's shareholders. Yahoo has since been trading around 10 to 12 dollars a share.
Yang assumed the role of chief executive of the company in June 2007.
Yahoo said the company was looking at both internal and external candidates and had retained Heidrick & Struggles, a leading international executive search firm, to assist in the process. With additional reports from Agence France Presse
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