Jerry Yang Out at Yahoo
Yahoo Inc.’s (NASDAQ:YHOO) Jerry Yang, the company’s co-founder and former chief executive officer, has resigned from its board of directors. Yang stepped down as a member of the boards of Yahoo Japan and Alibaba Group Holding Limited as well.
In a letter to the Yahoo! Board Chairman Roy Bostock, Yang wrote:
“My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life. However, the time has come for me to pursue other interests outside of Yahoo! As I leave the company I co-founded nearly 17 years ago, I am enthusiastic about the appointment of Scott Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.”
Yang co-founded Yahoo! Inc. in 1995 with David Filo and served as a member of the Board of Directors since March 1995 and as Chief Executive Officer from June 2007 to January 2009. The Company went public in 1996.
Shares of Yahoo were up nearly 5% in after-hours trading.