With all that’s happened with Yahoo! recently, this may come as no surprise, but Jerry Yang has stepped down as CEO. Yang, who co-founded the company in 1995, has come under a great deal of criticism in recent months, most notably for turning down Microsoft’s $47.5 Billion dollar buy-out proposal (almost 3x what the company is now worth).

Yahoo remains in a very vulnerable position as their market cap plummets , the Google-proposed ad partnership has reportedly disappeared . There have also been no new developments coming from the rumored AOL deal and Yang’s departure could signal the end of that possibility.  Yang’s decision is better late than never, but in this economy it will take a lot of work to get the company back where it was just months earlier.  With the close connection domainers have to Yahoo, this is important news. Hopefully this move is a sign that the company is making a turn around.