KEY POINTS:
Yahoo CEO Jerry Yang, who has been in a shaky position with the internet search giant since derailing a Microsoft attempt to takeover the struggling company earlier this year, will step down, the company has confirmed.
Kara Swisher, a blogger with respected tech site AllThingsD, wrote today that Yang will leave the top role as soon as the board finds a replacement for him.
Sources close to the situation, she wrote, said it was a joint decision by himself and directors.
A memo from Yang to Yahoo employees confirms the pending departure and says: "we believe the time is now right to transition to a new CEO who can take the company to the next level."
Once executive recruitment specialist Heidrick & Struggles have found a suitable replacement, Yang will re-adopt his title 'Chief Yahoo' and will remain on the company's board.
Yang moved in to the chief executive role last year after then-boss Terry Semel left suddenly in the wake of Yahoo's worsening situation.
- NZ HERALD STAFF
