Yahoo! has announced that Jerry Yang will step down as CEO once his replacement has been found. Yang will remain on board as Chief Yahoo!

You must register in order to see the links at the request of the Board of Directors. Board Chairman Roy Bostock will lead the search for a new CEO. Here's his official corporate-speak on the matter:

"Over the past year and a half, despite extraordinary challenges and distractions, Jerry Yang has led the repositioning of Yahoo! on an open platform model as well as the improved alignment of costs and revenues. 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."