Yahoo! has announced that chief executive, Jerry Yang, is stepping down from his position as soon as the board finds a replacement. He will return to his previous role as chief strategy and technology officer.
Yang’s decision to step down as chief executive follows months of speculation about discontent at the top of Yahoo!, particularly after the failed takeover offer from Microsoft earlier this year.
The internet company’s issues reportedly intensified after Google abandoned its search advertising partnership amid regulatory concerns, and talks with AOL-Time Warner over a possible merger appear to be delayed. Microsoft recently rejected Yang’s public offer for new takeover talks.
In a statement, Yang says: “From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise. My decision to step down was taken jointly with Yahoo!’s board.”
Yahoo! chairman, Roy Bostock, will now lead the search for a replacement and Yahoo! has hired the executive search firm of Heidrick & Struggles to look for both internal and external candidates. The process is expected to take between four weeks and 12 weeks.