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Yahoo C.E.O. Jerry Yang Steps Down

In The New York Times article, the C.E.O. and co-founder of Yahoo, Jerry Yang, said he was going to step down after the company found the person to takeover his position. Yang wrote a memorandum about his action sent and announced to the company’s staff Monday evening. A Yahoo spokesman said the decision of both the company and Yang was “mutual? and “in progress for a while.? Yang, who assumed from Terry Semel, had been the C.E.O. of Yahoo for 18 months. Yahoo is looking for replacement candidates inside and outside of the company. They hired executive search firm Heidrick & Struggles to help look for candidates. Yang made several major cuts in the staff after he became the C.E.O.

The USAToday article stated that Yang, 40, took over as chief executive at the request of Yahoo's board in June 2007. Chris Winfield, president of 10e20 said that Yahoo has nowhere to go but up and he said this was a great fresh start for the company. Industry analysts said the new C.E.O. will face plenty of challenges. Yahoo and Google was going to have a deal with advertising space but was scuttled down by the Justice Department with antitrust concerns. Yahoo shares rose 47 cents to $11.10 after the news released after the markets closed.