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The Fighter: Jerry Yang

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The Fighter: Jerry Yang

Still embattled after a bruising five-month campaign that repulsed Microsoft's $45 billion takeover bid, Yahoo! (YHOO) CEO and co-founder Yang must find ways to recharge growth at the struggling Internet portal. Despite speculation that Yahoo might be interested in buying Time Warner's AOL unit, Yang is publicly banking on new services such as a display-advertising system announced on Sept. 24. But activist investor Carl Icahn and two of his cohorts on Yahoo's board, along with many other shareholders, still favor a deal with Microsoft. Meantime, regulators are scrutinizing a proposed search ad deal with Google that Yahoo says would bring in $800 million a year. So Yang's running room is short. And with the economy already slowing the growth of Yahoo's mainstay display advertising revenues, his effort to keep Yahoo independent faces steep odds.