Jerry Yang, co-founder and CEO of Yahoo!, is to step down from his post once a successor is found.
In a statement released last night, Yahoo! chairman Roy Bostock said that 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 who can take the company to the next level.
“We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo! as a key executive and member of the board.”
The announcement follows 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 ends Yahoo! ad deal).
Yang said: “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! realize its full potential and enhance its leading culture of technology and product excellence and innovation.”
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