The moment we found out Yahoo was left out in the rain by its last and only savior - Google - we knew there would be stormy weather coming up. The first victim is, unsurprisingly, chief executive officer and co-founder of Yahoo, Jerry Yang. The announcement was made on Monday, after more than 17 months with Yang in charge of the giant Internet company.

Yahoo officially announced its Board of Directors is looking for a replacement for Yang, who will continue to be part of the board, but will end his role as CEO. The tough part will be now for the next CEO, who needs to continue Yahoo’s revitalization process. The Board announced it has retained Heidrick &Struggles, a leading international executive search firm, to assist in the search for the next chief exec.

Here’s what Yang had to say upon the announcement:

“From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise. When the Board asked me to become CEO and lead the transformation of the Company, I did so because it was important to re-envision the business for a different era to drive more effective growth. Having set Yahoo on a new, more open path, the time is right for me to transition the CEO role and our global talent to a new leader. I will continue to focus on global strategy and to do everything I can to help Yahoo realize its full potential and enhance its leading culture of technology and product excellence and innovation.”

This is an especially tough time for Yahoo, with the stocks dropping as low as $10.63 on Monday. Furthermore, the company is trying to make a comeback after receiving two major hits, one from Google, who dropped out of an advertising agreement after the Department of Justice said it would block it, and the other one from Microsoft, who refused to make another offer to Yahoo, after being refused on numerous occasions.

If we take a step back in time and look at what Microsoft had to offer back then, about three times as much per share as they are worth now, and at Yahoo’s constant refusal and argument that Microsoft’s proposal undervalued them, we see Yahoo passing on an opportunity that is not very likely to return. But, as Yang said at the time, we should not underestimate Yahoo and its power to overcome obstacles. The Internet world gets more and more competitive, and what counts the most is to stay focused on your goals, he said, adding that executing on their strategic plan is in fact what matters the most (although at the time, he probably didn’t think things would get so rough).

Caught between Google’s abandon, Microsoft’s denial of any deal being possible, low financial results, over 1,000 layoffs and $10.63 per share, Yahoo is struggling to make its comeback, and the next CEO will take on one of the toughest jobs in the tech world at this moment.