Yahoo's Yang to step down: search on for new CEO
November 18, 2008 7:57am CST
Yahoo Inc said Jerry Yang will step down as chief executive as soon as the board finds a replacement, sending shares up 4 percent on hopes the departure would clear the way for a deal with Microsoft. Yang- who will return to his former role as Chief Yahoo, focusing on strategy and technology-tried to carve an independent strategy for Yahoo and was blamed when Microsoft Corp walked away from an offer to buy Yahoo earlier this year. Rival Google Inc abandoned a search advertising partnership amid regulatory concerns , and Yang faced a growing chorus of criticism from investors and analysts as Yahoo's shares nosedived. Yahoo's months-long discussions with Time Warner Inc about combining with its AOL unit-as yet another way to boost Yahoo's earnings-have also failed to produce a deal.