Yahoo! CEO announces resignation

SUNNYVALE, Calif., Nov. 17 (UPI) -- Yahoo! Inc. Chief Executive Office Jerry Yang will resign after the Internet company he co-founded finds his replacement, the company said.

Yang assumed control of the company about a year and a half ago from Terry Semel, whom he picked for the job, The New York Times reported.

During his tenure, Yahoo! rejected a $47.5 billion takeover offer from Microsoft and failed to close an advertising partnership with Google.

Yang, 40, played a role in transforming Yahoo! into a major Internet player that an estimated 500 million people use to search the Web. However, Wall Street analysts have questioned whether Yang was the right person to lead Yahoo!, the Times said.

"It's definitely a positive from a shareholder perspective," Ross Sandler, an analyst at RBC Capital Markets, said of Yang's resignation.

"Jerry has done less than a stellar job since taking the reins from Terry Semel last year, not just completely botching the Microsoft deal, but with poor execution and multiple company restructurings that have done little to restore confidence for any of Yahoo's shareholders, employees or customers," Sandler told the Times.