Jerry Yang was Yahoo’s CEO when the company rejected Microsoft’s $44.6 billion takeover bid in 2008.
Yang, a Yahoo co-founder, returned as chief executive in June 2007, succeeding Terry Semel. Microsoft made its unsolicited cash-and-stock offer on February 1, 2008, valuing Yahoo at approximately $44.6 billion, or $31 per share at the time.
Yahoo’s board rejected the proposal, arguing that it substantially undervalued the company. Yang and chairman Roy Bostock sought a higher offer and explored alternatives, including possible partnerships. Microsoft raised its bid by roughly $5 billion but ultimately withdrew the proposal in May 2008 after negotiations failed.
The episode did not end Yang’s tenure immediately, but the failed defense intensified criticism of Yahoo’s strategy and leadership. He stepped down as CEO in November 2008 and was succeeded by Carol Bartz in January 2009. Marissa Mayer, another frequently remembered Yahoo CEO, held the role much later, from 2012 to 2017.