Yahoo co-founder Jerry Yang resigns

by CXOtoday Staff    Jan 18, 2012

His departure comes two weeks after Yahoo appointed Scott Thompson as its new CEO.Jerry Yang

Jerry Yang, who co-founded Yahoo along with David Filo in January 1995, has resigned from all of his positions in the company.

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.”

He was the CEO of the company from mid-2007 to early 2009 during which he had turned down a $47 billion takeover bid from Microsoft. Yang was replaced with Carol Bartz as CEO, who was fired last September.

“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.

Roy Bostock, Chairman of the Yahoo Board said in a statement said, “Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo during his many years of service. And while I and the entire Board respect his decision, we will miss his remarkable perspective, vision and wise counsel. On behalf of the Board, we thank Jerry and wish him all the very best in his future endeavors.”

Scott Thompson, who was named as Yahoo’s Chief Executive Officer a couple of weeks back said, “Jerry has great confidence in the future of Yahoo, and I share his confidence in the enormous potential of Yahoo in the days ahead.”

Yahoo’s board has reportedly been looking at selling all or part of the company since Bartz’s departure, and Yang was seen as an opponent of a breakup by few shareholders. He owns around 3.6 percent of Yahoo’s shares.

Yang has also resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited.