Internet company Yahoo says that its founder, Jerry Yang, is stepping down as chief executive. The announcement came after a year in which the company's share price had plummeted. Yang, 40, said it was time to turn the California-based web portal company over to a new leader, Yang was just 26 when he set up the business with his Stanford University classmate David Filo. Since taking over as chief executive in June 2007, Yang has been criticised for his handling of the company, with many shareholders angry at his rejection of a $47.5bn acquisition offer by Microsoft.
Roy Bostock, Yahoo's chairman, said on Monday that Yang and the board of directors "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". Yang will step down as soon as the board of directors finds a replacement. Bostock said: "We are deeply grateful to Jerry for his many contributions as CEO over the past 18 months, and we are pleased that he plans to stay actively involved at Yahoo as a key executive and member of the board." In an email to employees, Yang said: "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."
He said he would "continue to focus on global strategy" in returning to his former role as "chief Yahoo".
