About time:

“Yahoo CEO Jerry Yang will step down from his job as CEO, said sources close to the company, as soon as the board finds a replacement for him, in what sources close to the situation call a joint decision by him and the company’s directors.

Yahoo (YHOO) will announce the move within the next hour.

But, in a memo to Yahoo’s employees, obtained by BoomTown, Yang confirms the pending departure and writes: “…we believe the time is now right to transition to a new ceo who can take the company to the next level.”

Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to evaluate candidates, both internally and externally.

After a replacement is found, which the company hopes will be quickly, sources said, Yang will resume his former title as Chief Yahoo and will also remain on the company’s board.”

Yang’s departure has been overdue. Yahoo’s shares have been plummeting and it’s vision has been anemic compared to that of rival Google. Yang isn’t going anywhere though, he will step down as CEO and return to his former role as “Chief Yahoo.”