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Goodbye Chief Yahoo!PDFPrintE-mail
Written by Brad Burchards
Brad Burchards
Long time big boss and co-founder of Yahoo! Jerry Yang has resigned from its board. Yang founded the online company in 1995 with David Filo and was its chief executive from June 2007 until January 2009.  His resignation comes two weeks after the company hired former PayPal executive Scott Thomson to be its new chief executive. Yang rubbed elbows with and annoyed some shareholders by turning down a .5bn takeover offer from Microsoft in 2008 wherein now the company's current market value is just about bn (more than half the offer in 2008).
 
Jerry has also resigned from the boards of Yahoo Japan and Alibaba Group and said the time had come for him to pursue other interests outside of Yahoo!. He also expressed support for the company's current management of which he is very 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. Yahoo! shares rose 3.4% in after-hours trading responding to the resignation of Yang. Some analysts had seen Yang as an impediment to the sale or restructuring of the business. It's also good for the new CEO since he has one less entrenched legacy board member to resist his vision.
 
In addition to leaving the board, Mr Yang is also giving up his title of "Chief Yahoo".


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