Jerry Yang, the co-founder of Yahoo, will step down from his role after the company finds a replacement, the Internet company has announced.
Yang’s departure follows long criticism of his company’s stewardship, which has seen its share price collapse to about 10 dollars.
Early this year, the man fought off a hostile takeover bid from Microsoft which offered 33 dollars a share.
Yang told the workforce that he would be participating in the search for his successor.
"I will always do what is right for this great company," BBC quoted Yang, as writing in an e-mail to employees.
Last month, the BBC was told that Yang made the decision to quit his job as the chief executive officer. No names were given as to who will succeed him.
The company, based in Sunnyvale, California, said it is interviewing candidates inside and outside Yahoo in a search led by chairman Roy Bostock.
"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," said Bostock. (ANI)
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