Jerry Yang, Yahoo co-founder and current CEO, says he will step down from his current role after the company appoints a new chief executive officer. The company says it initiated a search for his replacement, and that Yang will continue to serve as "Chief Yahoo" after a new CEO has been named.
"Jerry and the board have had an ongoing dialog about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level," said Yahoo chairman Roy Bostock in a prepared statement.
The announcement comes on the heels of a fairly disastrous year-and-a-half, during which time Yang, who took over as CEO in June 2007, was blamed for rejecting a fairly generous acquisition offer from Microsoft.
Photo: Flickr/Yodel Anecdotal
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