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Yahoo! has announced that Co-founder Jerry Yang has agreed to step down from his role as Chief Executive.
The embattled CEO has had a difficult period since taking over just over a year ago. Yahoo! Rejected a multi-billion dollar takeover offer from Microsoft and have recently seen Google walk away from a joint-venture advertising deal.
The Internet company (yes, that is a broad description!) stated that Jerry will remain in post until his replacement is appointed by the Yahoo! board of directors.
It is assumed that, despite overseeing the dramatic fall in the Yahoo! share price, billionaire Yang will cope with this change of role announced a month after the company published plans to make 10% of its employees redundant.