The World: California - Jerry Yang to step down as Yahoo! chief executive

The chief executive of Yahoo!, Jerry Yang, has announced he will step down as soon as the company finds a replacement. He retook the CEO role 17 months ago but has since been criticised for rejecting Microsoft's $44.6 billion takeover bid.

Yang will retain a place on the board in his old job of chief Yahoo! and will be consulted by the chairman, Roy Bostock, during the process of shortlisting candidates.

Carl Icahn, an independent director of Yahoo! and one of the key campaigners against Yang, will also be consulted about Yang's replacement.