Yahoo's Cofounder Jerry Yang Resigns Amid Criticism

By Bizclik Editor

Yahoo Inc. announced today that Jerry Yang resigned today from the company’s Board of Directors, all of his current positions within the company as well as from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited. Yang founded Yahoo! Inc. in 1995 with David Filo and served as a member of the Board of Directors since March 1995.

Yahoo has been recently undergoing a strategic review in which certain Asian funding sources such as the Alibaba Group are being evaluated. Yahoo’s popularity and market value has fallen greatly in recent years due to the popularity of major companies such as the search engine giant Google and the social media site Facebook. Currently the company is valued at $20 billion.


Yahoo CEO Under the Microscope for Turnaround Plan

How to Deal with Brand Disasters

Read Business Review USA’s Best of 2011 issue!

Yang has received a great deal of criticism during the whole process, with many viewing the founder as a barrier to progress for the company. Critics often cite his refusal to sell Yahoo to Microsoft in 2008 for over $45 billion as an example of his lack of business sense and blind desire to keep the company.

In his resignation letter to the Yahoo! Board Chairman Roy Bostock, Yang wrote that “the time ha[d] come to pursue other interests outside of Yahoo! Inc.” Yang also boosted the new CEO Scott Thompson, saying “I am enthusiastic about the appointment of Scott Thompson and his ability, along with the entire Yahoo! Leadership team, to guide Yahoo! into an exciting and successful future.”

Yahoo has not yet commented on who will replace Yang.

Not everyone was sad to learn of Yang’s departure apparently, as Yahoo shares jumped 3.5% in response to the news after U.S. markets closed.

Information sourced from Yahoo, The Wall Street Journal.


Featured Articles

Patagonia Chair Charles Conn on becoming an imperfectionist

Entrepreneur and Patagonia Chair Charles Conn talks to Business Chief about rethinking strategy amid uncertainty, and why an imperfectionist approach works

Top 10 most valuable brands in the world – Amazon to TikTok

Business Chief takes a look at the top 10 most valuable brands in the world, according to Brand Finance, which puts 5,000 major companies to the test

Four priorities for new Twitter CEO Linda Yaccarino

Elon Musk confirmed on Friday that Linda Yaccarino, who most recently worked as Chairman of Global Advertising at NBCU, would become Twitter's new CEO

Top 10 shifts transforming organisations – McKinsey & Co

Leadership & Strategy

Top 10 fastest-growing jobs in the world according to WEF

Technology & AI

Top 10 female Chief Information Officers in North America

Digital Strategy