Jerry Yang is stepping down as Yahoo CEO, in what sources tell All Things D is “a joint decision by him and the company’s directors.” Yang confirmed the news in an email to the search engine’s employees, writing, “we believe the time is now right to transition to a new CEO who can take the company to the next level.” As soon as the struggling web company finds a replacement, whom All Things D reports is expected to be an outsider—perhaps News Corp COO Peter Chernin or former eBay CEO Meg Whitman—Yang will return to his former position as Chief Yahoo. He also will stay on the company’s board. Yahoo’s shares closed Monday at historic lows of $10.63, and the company plans to lay off 10 percent of its work force December 10.
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