Yahoo’s cofounder Jerry Yang will step down as CEO and return to his former role as Chief Yahoo. Yahoo Board of Directors has initiated a search for a replacement. Jerry will transition as soon as they appoint a successor.

Yang, 40, has been the CEO since June 2007 when the Board of Director requested that he take the lead role. He has led Yahoo through a strategic repositioning and transformation of its platform. However Yahoo has struggled this year with plummeting stock value starting with the rejection of Microsoft’s attempt to acquire Yahoo. Recently the Yahoo Google deal also fell through.
(more…)