Yahoo looking for a new CEO; Jerry Yang to step down as CEO

Yahoo is looking for a new chief executive officer “who can take the company to the next level”. Jerry Yang, co-founder of Yahoo, has decided to return to his former role as chief of Yahoo upon the appointment of his successor as CEO, and he will also continue to serve on the Board.

“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,” Jerry Yang has said. “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.”

Jerry Yang' resignation comes six months after Yahoo failed negotiate a merger with Microsoft, sending Yahoo's stock into a tailspin from which it still hasn't fully recovered. And it comes only two weeks after Google announced that it was walking away from an advertising revenue-sharing deal that would have given Yahoo a much needed financial boost, reports MarketWatch .