Yahoo! Inc. Chief Executive Officer Jerry Yang will step down amid mounting pressure from investors after he botched takeover talks with Microsoft Corp. and failed to broker an online advertising agreement with Google Inc.
Yang, 40, will stay on the board and remains CEO until Yahoo finds a replacement, the company said today. He took the top job at the 13-year-old Internet company in June 2007, promising to win back users and advertisers lost to market leader Google.
Yang's departure may be a precursor to new talks with Microsoft, which bid $47.5 billion for Yahoo this year. Shareholders criticized Yang and fellow co-founder David Filo for seeking a higher price while sales growth and profits continued to drop. The stock has lost about 60 percent since Yang took over, erasing more than $20 billion of market value.