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Entries in Jerry Yang (1)

Tuesday
Jan172012

Yahoo! Co-Founder Jerry Yang Resigns

Ethan Miller/Getty Images(SUNNYVALE, Calif.) -- Jerry Yang is stepping down from his positions at Yahoo! Inc., the startup-turned-Internet search giant he helped found, the company said Tuesday.

"My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life,” Yang wrote in a letter to Yahoo! board chairman Roy Bostock. “However, the time has come for me to pursue other interests outside of Yahoo!”

Yang’s resignation from the company’s board of directors and “all other positions with the company” – including his roles on the boards of Yahoo Japan and Alibaba Group Holding Limited – are effective immediately.

“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 wrote.

The move has industry analysts speculating what Yang’s departure could mean for the company. The Yahoo! co-founder played a key role in blocking the Microsoft takeover in 2008, “which of course would have been a boon for the company,” Tim Stevens, editor-in-chief of the tech blog Engadget, told ABC News Radio.

“I think his leaving the company will be perceived as a good thing and should certainly make the investors happy,” Stevens said.

And early indicators seemed to show as much. In late trading Tuesday, shares of Yahoo! were up nearly 4 percent.

Yang co-founded Yahoo! in 1995 with David Filo. During his time with the company, Yang served on its board of directors and, for a brief time, as its chief executive officer.

Copyright 2012 ABC News Radio







ABC News Radio