Yahoo’s! co-founder and former CEO Jerry Yang has stepped down from the company’s board. He announced his exit on Tuesday as he also gave up his posts on the boards of Yahoo Japan Corp. and Alibaba Group Holding Ltd.
His departure news was made public in a press release. He wrote a letter and we quote, “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! 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.”
Industry experts believe that Yang left the company he co-founded in 1995, as a result of the shareholders pressure. It is known that Yang was criticized by shareholders since he had thwarted Microsoft's unsolicited takeover bid in 2008, while he was serving as the CEO of Yahoo. Yahoo's stock soared 4% on the news in after-hours trading Tuesday.
Yang’s departure comes two weeks Scott Thompson took over as Yahoo’s new CEO. Prior to this Thompson was the former president of PayPal. Thompson is now heading Yahoo’s efforts to compete with Google and Facebook as well as get more revenues for the company. Thompson was hired three months after the ouster Carol Bartz who served as CEO for 30 months.
Jerry Yang, the former Chief Yahoo!, served on the company’s board since March 1995. At present he owns a 3.6 percent stake in the company. He served as Yahoo’s! CEO from 2007 to 2009, where he had to step down following the Yahoo-Microsoft fiasco.