Jerry Yang, the chief executive officer of troubled internet search firm Yahoo! is to step down from his position as soon as someone is found to replace him.Yang, who has been at the helm for 18 months, has drawn heavy criticism recently for failing to agree an acquisition deal with Microsoft earlier this year and the company’s decreasing share price.
The FT reports that the move was a mutual decision and that Yang would take back his previous position as Chief Yahoo!, a position that he took when co-founding the company in 1995 and that will allow him to take a behind-the-scenes role.
“From founding this company to guiding its growth into a trusted global brand that is indispensible to millions of people, I have always sought to do what is best for our franchise,” commented Jerry Yang in a statement.
“When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth. 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! realise its full potential and enhance its leading culture of technology and product excellence and innovation.”
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