BREAKING: Yahoo CEO Jerry Yang Out

AllThingsD has confirmed that Yahoo CEO Jerry Yang will be stepping down from his post, ending months of speculation and calls for his resignation, effective as soon as the company finds a replacement.

From the release:

“Yahoo! Inc. today announced that its Board of Directors has initiated a search for a new Chief Executive Officer. Jerry Yang, co-Founder of Yahoo!, has decided to return to his former role as Chief Yahoo! upon the appointment of his successor as CEO, and he will also continue to serve on the Board. Yang, 40, assumed the CEO role at the Board’s request in June 2007, and he has led Yahoo! through a strategic repositioning and transformation of its platform.”

Read Yang’s classy memo to company employees.

Read the full release.

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