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Yang to step down as Yahoo CEO

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Sunnyvale, Calif.—After a challenging 18 months of leading the company through a repositioning effort and fighting off a takeover attempt by Microsoft Corp., Yahoo announced that co-founder Jerry Yang will leave his post as CEO as soon as a successor can be found.

Yang, who was named CEO in June 2007, will return to his strategy role as “chief Yahoo” and continue to serve on the company’s board.

"Over the past year and a half, despite extraordinary challenges and distractions, Jerry Yang has led the repositioning of Yahoo on an open platform model as well as the improved alignment of costs and revenues," said Yahoo 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.” Yahoo has retained executive search firm Heidrick & Struggles to assist in its search for a new CEO.

—Kate Maddox

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