Yahoo! boss Jerry Yang steps down

Yahoo!’s chief executive Jerry Yang has given in to mounting pressure and will be stepping down from his role once the company find a successor.

The search giant’s chairman Roy Bostock released a statement late last night, saying Yahoo! was “deeply grateful” to Yang but would be searching for a new CEO who could “take the company to the next level”.

He said: “Jerry and the board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO.

“We are pleased that he plans to stay actively involved at Yahoo! as a key executive and a member of the board,” he added.

The decision brings an end to a long period of speculation over Yang’s future as CEO of Yahoo!, which he helped found in 1994.

Many investors have publicly questioned Yang’s capability in the role, particularly after Microsoft’s failed $44 billion takeover bid earlier this year and Google’s recent decision to terminate a possible advertising partnership with the company (see Google terminates Yahoo! ad deal).

In a statement, Yang said: “I have always sought to do what is best for our franchise. When the board asked me to become CEO and lead the transformation of the company, I did so because it was important to re-envision the business for a different era.

“Having set Yahoo! on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader. I will continue to focus on global strategy and to do everything I can to help Yahoo! realise its full potential,” he added.

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