Jerry Yang, the embattled chief executive of Yahoo, is quitting and his departure caused the internet company’s shares to shoot up. Yang will step down as soon as a replacement is found.
Analysts said this was a sign that Yahoo’s board of directors has become frustrated with his efforts to turn around the company.
Yang co-founded Yahoo and has been the top boss since the middle of last year. Some shareholders were unhappy after he rejected a takeover offer from Microsoft. Instead Yang went to rival Google, setting up a search engine advertising partnership which later unravelled.
There is now speculation that under a new chief executive, Yahoo’s could again approach Microsoft for a merger.
Yahoo boss steps down