Yahoo, led since June 2007 by co-founder Jerry Yang, has begun the search for his successor as the Sunnyvale,  California-based Web pioneer announced Monday that Yang would step down as chief executive and return to his previous role as chief Yahoo while remaining on the company's board of directors. Yang will join fellow Yahoo co-founder David Filo as a holder of the firm's chief Yahoo title. After 18 Tumultuous Months Search For New CEO Begins Yahoo chairman Roy Bostock, 67, said Monday that the time was right for Yang, 40, to shift roles. "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 in an announcement published Monday. "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," Bostock added. Yang has faced criticism from a seemingly endless number of critics on numerous fronts since taking over the chief executive role previously held by Terry Semel last summer. Despite Yang's assertion as early as last month that he was "absolutely the right person" to lead Yahoo, as he told Kara Swisher of the Dow Jones-owned All Things Digital Web site, on Monday Yang said that the time was right for him to move into a new role. Yang Hopes To Usher In A New Period At Yahoo "Having set Yahoo on a new, more open path, the time is right for me to transition the CEO role and our global  talent to a new leader," Yang said Monday. "From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise," he added. Yang said that he expects to continue contributing to Yahoo from his new position. "I will continue to focus on global strategy and to do everything I can to help Yahoo realize its full potential and enhance its leading culture of technology and product excellence and innovation," Yang said. When Semel stepped down as chief executive, Yahoo's board of directors asked Yang to step in and fill the position, and during the intervening tumultuous 18 months Yang has been at the helm while rival Microsoft attempted to acquire Yahoo. Now Yang hopes to usher in a new period for Yahoo. Yahoo Co-Founder Jerry Yang To Leave Chief Executive Post And Resume Former Role "When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth," Yang said Monday. Yang will step down as chief executive once Yahoo and a team of board members headed by Bostock appoint his successor. Yahoo said that both external and internal candidates would be considered in the search for Yang's successor. Bostock thanked Yang for his contributions during his time as chief executive with the firm. "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," Bostock said. Wall Street reacted positively to the announcement that Yang was stepping down as Yahoo chief executive. Trading in the firm's stock saw an increase of 8.65 percent, or 92 cents per share, closing Tuesday at $11.55. Related Links :
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10:17 pm on Nov. 18, 2008 (utc 0)