Jerry Yang, co-founder of Yahoo and CEO since June 2007, is stepping down from the Chief Executive Officer position as soon as Yahoo find suitable person replace his position. Jerry Yang will be staying in the role of “Chief Yahoo” and maintaining a seat on the company’s board of directors.

In a statement released by Yahoo’s company Chairman Roy Bostock says: “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. 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.”

After Yahoo rejecting Microsoft’s offer to acquire the company for $31/share earlier this year, Yahoo has slipped all the way to a recent low of $10.32 amidst its own internal problems and the broader economic slowdown, market believe this could be strong reason why Jerry Yang decide to leave the CEO position.

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[more recent news about Jerry Yang] [image via NYtimes]

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