Yahoo co-founder and CEO Jerry Yang will step down as CEO as soon as a successor is found, the embattled Internet company just announced. The release (quoted in full after the jump) came shortly after the blog Boomtown broke the news.
The move may well prompt Microsoft, whose repeated attempts to buy all or a portion of Yahoo failed to produce a deal earlier this year, to come back with another offer. That’s what investors, who have bid up the stock about 4% in extended trading after the market close Nov. 17, may be hoping. “This clears the path for a likely Microsoft deal,” probably a bid for Yahoo’s Internet search operation, says Sandeep Aggarwal, an analyst with financial services firm Collins Stewart. “By not having Yang as CEO, Yahoo can free up its strategic alternatives.” - Business Week
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