Yahoo! to Replace Yang as CEO

By Michael Liedtke

SAN FRANCISCO (AP) - Yahoo!(YHOO Quote) co-founder Jerry Yang is stepping down as CEO, ending a rocky reign marked by his refusal to sell the Internet company to Microsoft(MSFT Quote) for $47.5 billion -- more than triple Yahoo's current market value.

The change in command announced Monday won't be completed until Yahoo finds his replacement. The Sunnyvale, Calif.-based company said it is interviewing candidates inside and outside Yahoo! in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles.

"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," Bostock said. ...