Yahoo's top executive, CEO Jerry Yang, could resign to avoid a forced departure ahead of a decisive shareholders meeting on August 1st, according to new rumors. Yang and one of Yahoo's most influential shareholders, Gordy Crawford, butted heads at a recent meeting, sources say, with the latter and his top analysts questioning Yang's arguments and demanding an update on Yahoo's near-term strategy. Crawford has expressed interest in Carl Icahn's proxy takeover for Yahoo, which would likely lead to Microsoft taking over the company.

The source of the rumors is said to come from Wall Street, but Yang's employer was quick to deny the rumor, pointing out his recent interview with The Wall Street Journal and this week's presence at the Sun Valley conference.

Yang is reportedly backing an AOL deal but has not revealed any signs of progress ahead of the crucial shareholders event. The AOL deal is the only currently known option other than the Microsoft takeover, which would also see an ousting of Yahoo board members.

Microsoft has been trying to acquire at least part of Yahoo's company for months, and specifically rights to use its search engine, allowing it to compete with market leader Google.

Source: electronista