"If Microsoft returned with a real offer and a real proposal," Yang said recently, "we would be happy to listen."
Yang's decision to step down follows criticism on number of issues including his move to reject Microsoft's $47.5-billion buyout offer.
Yang rejected a hostile takeover bid from Microsoft, which offered $33 a share, worth a total of more than $47 billion.
Yahoo has since been trading at between $10 and $12 a share. The rejection of the Microsoft offer led to shareholders moving against Yang.
Also read: Want to buy a home? Better wait for now!
Image: Jerry Yang and General Counsel Michael Callahan (L) testify during a hearing before the House Foreign Affairs Committee on Capitol Hill in Washington, DC, on November 6, 2007. | Photograph: Alex Wong/Getty Images
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