According to sources close to the situation, AOL has been busy selecting the board for the company, which is still set to spin itself off by year’s end–even as it slows down a decision on a new search deal with either current partner Google or a more emboldened Microsoft.

AOL is using Spencer Stuart in the search for directors, led by well-known headhunter Jim Citrin, sources said, and the company has already settled on several outside candidates.

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In BoomTown’s ongoing series, “Microsofties on Parade,” I spent some time earlier this week with Stephen Elop, president of Microsoft’s Business division.

Reporting directly to CEO Steve Ballmer, Elop is a newbie, having gotten to Microsoft only a year ago.

Which is why he is enthusiastic in his determination to tell the world that the software giant has gotten the open religion and is becoming “the most interoperable company in the world.”

Yes, he really said that.

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With Yahoo board Chairman Roy Bostock reportedly assuring investors and others that the company will have a CEO in place by the end of the year, it seems prudent for BoomTown to initiate an official Yahoo CEO Countdown.

After all, this column had a 100-Day No-Sacred-Cows Vision Quest to mark the time that Jerry Yang said he needed to give Yahoo a top-to-bottom look-see when he took over last summer as CEO.

So here’s today’s update: No Peter Chernin and a lot of thorny issues for other candidates.

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BoomTown might have been remiss in my post yesterday on top candidates for the Yahoo CEO job, in the wake of news that Jerry Yang was stepping down, by leaving out several key possibilities.

Yesterday’s roster included News Corp.’s Peter Chernin, Google’s Tim Armstrong, Kevin Johnson of Juniper Networks and also two Yahoo board members, among others.

So here is an addendum to my initial list–all of whom are Yahoo outsiders, the likely choice versus more tarnished insiders.

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Obviously, the dream CEO for Yahoo is News Corp. President and COO Peter Chernin.

And, no surprise, he is the No. 1 choice of most inside and outside Yahoo in the wake of the news late yesterday that its current CEO and Co-Founder Jerry Yang is stepping down.

Well, Yahoo would certainly be a challenge for Chernin, in terms of a corporate cleanup challenge, especially compared to figuring out how to make bank on plush toys from “The Simpsons.”

But there are many other contenders for the job, despite the slog it could be. Here’s BoomTown’s list…

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Yahoo CEO Jerry Yang will step down from his job as CEO, said sources close to the company, as soon as the board finds a replacement for him, in what sources close to the situation call a joint decision by him and the directors.

Yahoo will announce the move later today. [UPDATED: Yahoo has since confirmed the move.]

Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to vet candidates, both internally and externally, to take over the top spot at the troubled Internet giant.

Sources said it is unlikely current Yahoo President Sue Decker will get the job, which is more likely to go to an outsider.

Some BoomTown choices: News Corp. COO Peter Chernin, former eBay CEO Meg Whitman or former Yahoo COO Dan Rosensweig.

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One thing is absolutely true: It is Microsoft CEO Steve Ballmer and only Ballmer who knows for sure whom he is most interested in to take over the dicey job of head of the software giant’s long-suffering online services business.

But there is a movement afoot among its developers and other execs at Microsoft to push for Chief Software Architect Ray Ozzie, who replaced Founder Bill Gates in the job just over two years ago.

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Oh, BoomTown loves a delicious irony.

Kevin Johnson–who yesterday announced he was leaving his job as president of Platform and Services Division at Microsoft to become CEO of the network infrastructure company, Juniper Networks–was the point person on the software giant’s failed bid to acquire Yahoo.

Unfortunately, Yahoo’s CEO Jerry Yang rejected him and the rest of the Microsoft team over and over again in a very public fashion.

But who will be Johnson’s most immediate Internet neighbor be when he takes up residence, presumably at Juniper’s Sunnyvale, California, headquarters at 1194 North Mathilda Ave.?

Um, Yang!

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Kevin Johnson, the point person for Microsoft’s failed bid to buy Yahoo, is leaving the company to run Juniper Networks.

As the president of its Platform and Services Division, the smooth Johnson has been trying, without much success, to beef up the software giant’s efforts in the Web space, especially in the online advertising arena.

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