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.”