Sunnyvale, Calif. - Following months of ridicule from angry investors, Jerry Yang late Monday announced plans to resign as the CEO of Yahoo (NASD: YHOO). Yang, a co-founder of the company, will return to his previous role of "chief Yahoo," the company said. Chairman Roy Bostock will lead a search for his replacement, which the company said will include both internal and external candidates.

"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," said Bostock.

"I will continue to focus on global strategy and to do everything I can to help Yahoo! realize its full potential," said Yang, who assumed the role of CEO from Terry Semel in June of 2007.

Yang has been under intense scrutiny since rejecting Microsoft's $33-a-share takeover offer in May.

Since then, the company's stock has plummeted, opening on Tuesday at less than one-third of that price.

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