Yahoo! CEO Jerry Yang to resign

It hasn't exactly been a good year for Yahoo!. Earlier this year, the company rejected Microsoft's offer to buy Yahoo! for $33 a share. This week, Yahoo! stock is selling for about $10 a share. Silicon Alley Insider estimates that the search company is out $2 billion dollars because of this misstep.

It's probably not fair to put all of that on CEO Jerry Yang's head. After all, the current economic downturn is taking its toll on everyone. But the Yahoo! board of directors has announced that it is searching for a new CEO. Once a replacement is found, Yang will step down as CEO and resume his role as "Chief Yahoo!," which is a ridiculous job title that's basically a corporate strategy job. He'll also remain on the board of directors.

Yang's resignation raises a lot of questions. Who will replace him as CEO? Will the move bring Microsoft back to the table, or has that ship sailed? Could Yahoo! be looking for a new buyer or a strategic partnership? Who wrote the book of love? Yeah, maybe not that one.

Tags: ceo, jerry-yang, news, yahoo