jerryyang Yahoo co founder Jerry Yang resigns

Jerry Yang, the co-founder of internet portal Yahoo, has resigned from the company's board of directors, potentially freeing the ailing firm for a possible buyout.

Jerry Yang, the co-founder of internet portal Yahoo, has resigned from the company's board of directors, potentially freeing the ailing firm for a possible buyout.

 
He said that it was time to “pursue other interests outside of Yahoo”, and resigned from the boards of Yahoo, Yahoo Japan, and Alibaba Group. He also dropped his title as “Chief Yahoo”.
 
Yang founded Yahoo with the help of David Filo in 1995 and acted as CEO from 2007 to 2009, but he also became the biggest obstacle to the sale of the company, upsetting shareholders by turning down tempting buyout offers by rival firms.
 
Yang was responsible for turning down Microsoft's $47.5 billion acquisition bid in 2008, with the company now valued at around $20 billion, less than half of Microsoft's offer.
 
jerryyang Yahoo co founder Jerry Yang resigns
 
The move comes just two weeks after Yahoo hired Scott Thomson, a former PayPal executive, to becomes its latest CEO, suggesting there might have been a difference of opinion between these two on how the company should proceed going forward.
 
Now that he is leaving the company, many analysts believes that a potential sale could go ahead. It will also mean that a full restructuring of the company can proceed unimpeded.
 
At the time of writing Yahoo's stock was up $0.34, or 2.24 percent, to $15.77, which shows how shareholders felt about Yang.
 
Source: BBC