Following a tumultuous year and a half at the forefront of one of webs biggest properties, Yahoo co-founder Jerry Yang is stepping down from his chief executive role as soon as the board of directors appoints a replacement for him. Yang failed to bring either a viable merger partner or a strong revenue-generating deal in his short tenure as Yahoo CEO, so his resignation doesnt come as much of a surprise.
Earlier this year, Yahoo rejected a $33 per share buyout offer from Microsoft and decided to focus on a search advertising partnership with Google instead. The move was met with disapproval by many share-holders and since then the companys stock share price has plunged incessantly reaching $13 earlier this month when Yahoos planned deal with Google also fell apart.
Once its successor as CEO is appointed, Yang will remain as a Yahoo board member and resume his previous role as Chief Yahoo whatever that means. His impending step down leaves much unresolved for the Internet company, which has been struggling to remain independent for months, but could perhaps pave the way for a deal of sorts with Microsoft.