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Jerry Yang to step down as Yahoo CEO

(Agencies)
Updated: 2008-11-18 09:43

SAN FRANCISCO -- Jerry Yang, the chief executive of Yahoo Inc , will step down from his role as soon as the board finds a replacement for the Internet company, Yahoo said on Monday.

In this Nov. 5, 2008 file photo, Yahoo CEO Jerry Yang listens to a question at the Web 2.0 Summit in San Francisco. Yahoo said Monday Nov. 17, 2008 that Yang will step down as the Internet company's CEO as soon as a successor is found. [Agencies]

Yahoo co-founder Yang, who took on the CEO role in June 2007 in an effort to turn the company around, will return to his former role as Chief Yahoo once a successor has been found.

"From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise," Yang said in a statement.

Yahoo has hired the executive search firm of Heidrick & Struggles to look for both internal and external candidates.

"Jerry and the Board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level," Yahoo Chairman Roy Bostock said in a statement.

Yang said he plans 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."