Yahoo, under fierce financial pressure, has begun a search to replace company co-founder Jerry Yang as chief executive, the company said late Monday in the US.
Outgoing Yahoo CEO Jerry Yang
(Credit: Yahoo)
"Jerry and the board have had an ongoing dialogue about succession timing, and we 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," chairman Roy Bostock said in a statement.
"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."
Yang will resume his position as chief Yahoo, the company said, the role he had before taking over in 2007 after former CEO Terry Semel departed.
All Things D's Kara Swisher reported the move earlier Monday.
Yahoo has hired search firm Heidrick & Struggles to find a replacement. After one is hired, Yang will step back to his earlier role of Chief Yahoo and will remain on Yahoo's board, according to the report, which cited sources close to the company.
