Yahoo Co-Founder Jerry Yang Resigns
Yahoo co founder Jerry Yang has resign from the company he started in 1995. Yang will sever all his ties with the company by stepping down from all positions, which includes his seat on the Board of Directors. The company did not gave any comment on why Yang resigned or where he is heading.
Yang’s departure appeasing shareholders that blasted the Internet pioneer who pursued an ineffective personal vision and impeding investment deals that might have help the struggling firm. Yang’s departure came just two weeks when Scott Thompson was appointed as Yahoo’s new CEO with a directive to bring back the once leading Internet portal back to the top.
Wall Street viewed the exit of Yang as paving the way for a major infusion of cash investments from a private equity or to sell its 40 percent stake of China’s Alibaba that will unlock value for its shareholders.
Jerry Yang and David Filo both carry the official title of Chief Yahoo, and both own a sizable stakes in the company. Yang said that he will be pursuing other interests outside of Yahoo and he was happy that Thompson was chosen as the new CEO. Yang also resigned form the boards of Yahoo Japan and Alibaba Group Holdings.