Yahoo! said Monday evening that Jerry Yang, its chief executive, would step down from that role after the company finds a replacement.
Mr. Yang, a co-founder of Yahoo!, assumed control of the company a year and a half ago from Terry Semel, a Hollywood studio boss that he hand-picked for the job. His tenure has been a tumultuous period during which Yahoo! rejected a $47.5 billion takeover offer from Microsoft and failed to cement an advertising partnership with Google.