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Yahoo's Jerry Yang quits the company he co-founded, walks away from Alibaba as well

Darren Murph

The long, drawn-out, oftentimes melodramatic saga revolving around Yahoo itself and co-founder Jerry Yang is well-documented. Perhaps too well. Thankfully for us all, that ends today. As of January 17th, he has resigned from Yahoo's Board of Directors and all other positions with the company, and moreover, has resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited. We most recently heard from Yang during his interview at AsiaD, where he sounded none too pleased about the going-ons there. We aren't about to draw links of Yang's exit to the hiring of Scott Thompson as CEO (in fact, Yang praises him in his exit blurb), but we are drawing links to his sudden purchase of a yacht, a new sauna and a round-the-round journey courtesy of Abercrombie & Kent. Kidding. In all seriousness, it's no surprise to see Yahoo's stock rallying, as many felt that Yang was the major roadblock holding up an outright sale or other significant shake-up within its ranks. As for Jerry? He's off to "pursue other interests" -- but we didn't need to tell you that, now did we?

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Yahoo! Announces Resignation of Jerry Yang

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Yahoo! Inc. (NASDAQ: YHOO), the premier digital media company, today announced that Jerry Yang has resigned from its Board of Directors and all other positions with the company, effective today. In addition, Yang resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited, effective today.

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! 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 co-founded Yahoo! Inc. in 1995 with David Filo and served as a member of the Board of Directors since March 1995 and as Chief Executive Officer from June 2007 to January 2009. The Company went public in 1996.

"Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service," said Roy Bostock, Chairman of the Yahoo! Board. "It has been a pleasure to work with Jerry. His unique strategic insights have been invaluable. He has always remained focused on the best interests of Yahoo!'s stakeholders, including shareholders, employees and more than 700 million users. 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."

Bostock concluded, "We appreciate Jerry's comments and share his enthusiasm for the company's prospects. With Scott Thompson leading an outstanding team of Yahoos to deliver innovative products and an engaging customer experience, Yahoo!'s future is bright."

"I am grateful for the warm welcome and support Jerry provided me during my early days here," said Scott Thompson, Yahoo!'s Chief Executive Officer. "Jerry leaves behind a legacy of innovation and customer focus for this iconic brand, having shaped our culture by fostering a spirit of innovation that began 17 years ago and continues to grow even stronger today. Jerry has great confidence in the future of Yahoo!, and I share his confidence in the enormous potential of Yahoo! in the days ahead."

Engadget’s parent company, Verizon, now owns Yahoo. Engadget remains editorially independent.

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