Yahoo CEO Jerry Yang resigns

Jerry Yang, co-founder of Yahoo, is to step down as chief executive of the firm after a year and a half in the position.

Mr Yang, whose position attracted criticism because of his failure to secure a deal with Microsoft, will reprise his role as “Chief Yahoo” and will remain on Yahoo’s board of directors.

The search engine giant said that it is currently interviewing suitable replacements for Mr Yang both inside and outside Yahoo.

The quest for a new chief executive will be spearheaded by chairman Roy Bostock and executive recruitment firm Heidrick & Struggles.

“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,” Mr Yang commented.

“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.”