Yahoo’s shareholders who are still ticked off with the way the company’s co-founder and CEO deep-sixed Microsoft’s attempted takeover and thereby decimated their wealth can take solace in the fact that he’s about to be put out to pasture. Today, Yahoo’s board of directors revealed that it has initiated a search for a new chief executive officer.

The official line is that Yang has decided to return to his former role as “Chief Yahoo” upon the appointment of his successor, and he will continue to serve on the company’s board. Chairman Roy Bostock is charged with leading the board in finding the new CEO, and will be consulting Yang in that process.

The make up of Yahoo’s board changed in August when activist shareholder Carl Icahn joined the board, broadening its membership ranks with allies to turn around the troubled company. The boot has been ready to kick.

“Over the past year and a half, despite extraordinary challenges and distractions, Jerry Yang has led the repositioning of Yahoo! on an open platform model as well as the improved alignment of costs and revenues,” Bostock said in a prepared statemen that also included platitudes about “taking the company to the next level.”

Yahoo’s stock opened at $10.50 this morning. Compare that to the $33 per share that Microsoft offered to pay for Yahoo in May–before the economy (and Yahoo) tanked. Ouch. While Roy is at it, he might consider replacing himself.

 
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