Yahoo's Unpopular CEO Finally Steps Down

Paul Lilly

Yahoo co-founder and chief executive Jerry Yang has spent the better portion of 2008 staving off a takeover attempt by Microsoft that threatened to go hostile, a decision that hasn't always been a popular one with Yahoo shareholders. Nor has it sat well with the 10 percent of employess facing a job cut by the end of the year. Now, just 18 months after stepping into the role as CEO, Yang has announced his pending resignation and will return to his role as Chief Yahoo once a successor is in place.

"All of you know that I have always, and will always, bleed purple," Yang wrote in letter to all Yahoo employees. "I will always do what I think is right for this great company. While this step will be an adjustment for all of us, I know it’s the right one. I look forward to updating you on this process as soon as the board has developments to share, and will continue to do everything I can to make Yahoo! fulfill its full potential."

No front runner for the position of CEO has yet emerged, but Yang did say the board will consider both internal and external candidates. Hired to help in the search is international executive search firm Heidrick & Struggles, with the overall effort being led by Roy Bostock, Yahoo's chairman of the board.

Does this change anything in terms of a takeover? Hit the jump and give us your prediction on where Yahoo goes from here.

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