Jerry Yang steps down as Yahoo chief executive

After months of speculation and plot twists worthy of a South American telenovela, Jerry Yang has finally stepped down as the chief executive of Yahoo. The 40-year-old has been under pressure to step down ever since he rejected Microsoft's $44bn takeover deal.

Yang co-founded Yahoo back in 1994 and became the chief executive 18 months ago, but has been heavily criticised for his lack of experience in running a big company. The company's share price has taken a hammering during the financial crisis and appears to have pushed Yang to finally step down.

American billionaire financier Carl Icahn is the one person bound to be happy with the news of Yang's departure after spearheading a campaign to install a new chief executive following the fallout from the Microsoft deal. Despite Yang's 14 years at Yahoo, it looks as if he will be remembered for the botched takeover agreement.

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