After ten years, Yahoo CTO calls it quits

Yahoo Inc.'s Chief Technology Officer Farzad Nazem is stepping down.

Farzad has been with the company since 1996, and had served as chief technology officer for the past decade, overseeing Yahoo's engineering and product development. He also served as head of Yahoo's Technology Group.

He leaves as the company is struggling to compete with Google Inc., the leader in the Internet advertising and search space.

"After spending the last 26 years in this fast-paced technology industry, I've finally decided it's time to slow down," Nazem wrote Wednesday in a posting to the company's blog.

No replacement for Nazem has been announced, but Yahoo co-founder Jerry Yang "will be acting as the interim executive sponsor of the Technology Group until we identify my permanent replacement," Nazem said.

Nazem's resignation was disclosed in a company filing with the U.S. Securities and Exchange Commission, made Wednesday. His resignation is effective June 8, the filing states.