Yahoo Seeks New CEO as Yang to Step Down

18 November 2008 @ 11:03 am EDT

Yahoo's board of directors said Tuesday it is looking for a new chief executive to replace Jerry Yang, 40, who currently holds the position and has decided to relinquish the position when the new leader is appointed.

The search for a new chairman is being led by Yahoo's Chairman Roy Bostock. It will include both internal and external candidates. Yang will remain on the company's board. Shares of Yahoo rose $1.36 or nearly 13 percent, to $11.99.

Shares of Microsoft - a rival which attempted to buy the company six months ago but was rejected - rose 19 cents, or about 1 percent, to 19.38 cents. Internet advertising competitor Google lost $4.31, or 2.4 percent, to $292.81.

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