Yahoo CEO to Face Shareholder Backlash
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SAN FRANCISCO -- Just before Google Inc. went public nearly three years ago, Yahoo Inc. Chairman Terry Semel assured a roomful of securities analysts and money managers that his company would remain the Internet's brightest star. To punctuate his high hopes, Frank Sinatra's "The Best Is Yet to Come"...
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Jerry Yang faces pressure as he decides whether to try to rescue the company from Microsoft, or accept its bid to purchase Yahoo.
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Yahoo Inc  insiders are  mulling ties to rival Google Inc  as a possible defense  to rebuff Microsoft Corp's  takeover bid, a person  familiar with Yahoo management's thinking said on Sunday.
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Following investor pressure for a  management shake-up, Yahoo Inc.  Chairman and Chief  Executive Terry Semel is stepping aside and will be replaced as  CEO by co-founder Jerry Yang, Yahoo said on Monday, sending  shares up 3.5 percent in extended trade.
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Some new features may give Yahoo! shareholders reason to shout.
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(InfoWorld) - Terry Semel ended his six-year run as Yahoo's CEO on Monday, and the company's co-founder Jerry Yang will take over from him, the company said. Semel has been the focus of intense criticism in the past two years due to Yahoo's inability to capitalize as much as expected on the fast-growing market for search engine advertising. By contrast, Google has enjoyed eye-popping revenue growth and enviable profits almost exclusively from the search advertising market. Last week, at Yahoo's annual shareholder meeting, Semel fielded stinging criticism from shareholders in attendance, leading to tense exchanges at times. Semel resigned from his position as CEO and chairman and will become the role of non-executive chairman and serve as advisor to the management team. Semel became chairman and CEO in May 2001. The board of directors appointed Yang, who cofounded the company 12 years ago, as CEO, and Susan Decker, former executive vice president and head of Advertiser and Publisher Group, as the company's president. In a webcast, Semel said he had told the board that he wanted to step back from his executive role "sooner rather than later" and that he and the board agreed this would be a good time for him to step down as CEO. "I've long been talking to the board about the importance of ensuring a smooth succession to Yahoo's senior leadership," Semel said. Semel expressed full confidence that Yang and Decker are the right people to carry Yahoo "through its multiyear transformation" while acknowledging that the past year has been a difficult one for Yahoo and that no one in Yahoo's management has been satisfied with the company's performance. (More to follow.)
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Vodafone  Chief Executive Arun  Sarin is expected to be opposed by several large investors at  the mobile phone giant's annual meeting on Tuesday, though he  will almost certainly be re-elected to the board.
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Microsoft will wage a proxy fight to oust Yahooâs directors, people briefed on the matter told DealBook.
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Yahoo's second biggest shareholder says Microsoft will have to raise its offer, if it wants to buy the internet firm.
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In a surprise move, Yahoo's board announces co-founder Jerry Yang will replace Terry Semel as CEO of the company. Semel will stay on as non-executive chairman, and former CFO Susan Decker will become president of the company.
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(InfoWorld) - Yahoo Inc. shareholders voted down a proposal that would have forced management to adopt stronger policies regarding government attempts to limit Internet access and to curtail freedom of speech in countries where Yahoo operates. Shareholders voted only 15.2 percent of Yahoo shares in favor of this proposal at the company's annual shareholders' meeting on Tuesday. Yahoo's management had recommended that shareholders vote against this anticensorship proposal, which was presented by the New York City Comptroller's Office on behalf of the New York City Pension Funds. The organization, which owned about $124 million in Yahoo shares as of last Friday, also saw a similar proposal defeated last month at Google Inc.'s shareholders meeting. Yahoo, Google and other Internet companies are under pressure by shareholders and human rights groups to resist demands from governments to censor search-engine results that these governments find politically objectionable. Critics also want Internet companies to refuse governments' requests to turn over members' information when the intention behind those requests is to persecute otherwise law-abiding journalists and dissidents. The defeated proposal would have required Yahoo to implement a series of policies, such as not hosting individuals' data in countries where political dissent is considered a crime. The proposal also called for Yahoo to not engage in self-censorship and to use all legal means to resist censorship demands, complying with them only if legally bound to do so. In recommending shareholders vote "no," Yahoo said in the meeting's proxy statement that the proposal would give the company "insufficient flexibility" to respond to legal requirements in the countries where it operates. Yahoo also said it shares many of the proposals' concerns and objectives, but that its presence is a positive force toward reform in countries where speech and press freedom is limited. The company believes that there is only so much pressure that the private sector can apply to foreign governments, and that it's more powerful to establish bilateral and multilateral dialogues about political and human rights issues to bring about change. Yahoo also listed in the proxy statement a series of steps it is taking to address Internet freedom problems, including participating in policy discussions with private sector peers, governments, universities and other organizations. Yahoo has also created a team made up of Yahoo employees to coordinate and support Yahoo's efforts at addressing privacy and free expression issues.
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Up against a slew of challenges -- including deteriorating market share, a slumping share price and an impending recession -- it may be a matter of time before Yahoo CEO Jerry Yang hands over the reins to company President Susan Decker.
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Struggling Internet giant Yahoo brought back co-founder Jerry Yang as chief executive Monday to replace Terry Semel as the company girds up to fight back the Google juggernaut.
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BOSTON/SEATTLE  - Yahoo Inc's  second-biggest shareholder urged Microsoft Corp  to raise its $42 billion bid for the Web pioneer and warned Yahoo it has few options other than to accept, raising pressure for them to seal a deal.
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Blog: Eric Jackson, the man who asked Yahoo CEO Terry Semel if he had a 'fire in the belly' for his job, is preparing to launch a new Internet-based campaign against another under-performing company.
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Yahoo Inc. shareholders voted down a proposal that would have forced management to adopt stronger policies regarding government attempts to limit Internet access and to curtail freedom of speech in countries where Yahoo operates.
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Yahoo Inc's  Jerry Yang will  seek on Monday to demonstrate in his first major speech since  taking over as chief executive in June the inroads the company  is making putting Web services on mobile phones.