Jerry Yang, the co founder of Yahoo has resigned from the board. He founded the company in 1995 and has been the chief executive from June 2007 to January 2009. His resignation hits two weeks after the company hired former Paypal executive Scott Thomson to take over as CEO.
Yang famously refused a $47.5bn takeover bid from Microsoft in 2008, which apparently annoyed some of the board members at the time. He said in a statement that ‘The time has come for me to pursue other interests outside of Yahoo!’
He was positive about the company, showing full support for the current management team.
He added “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.”
Yahoo! shares rose by 3.4% in after hours trading.
Many analysts feel this is a good move for the company as he was considered a hindrance for restructuring of the business model.
Kitguru says: Jerry Yang is a rich man, with wealth estimated to be around $1,250 million.