The New York Times
Tuesday, January 17, 2012 -- 5:10 PM EST
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Yahoo Co-Founder Jerry Yang Resigns From Board
Yahoo announced on Tuesday that co-founder and board member Jerry Yang had stepped down from its board effective immediately. He has also resigned from the boards of Yahoo Japan and the Alibaba Group.
The online portal, which recently appointed a new chief executive, did not fully explain Mr. Yang's abrupt departure, but the board has wrestled with several issues in recent months including a possible sale of its Asian assets and the company's strategic direction. In a letter to Yahoo's chairman Roy Bostock, disclosed on Tuesday, Mr. Yang was obtuse: "The time has come for me to pursue other interests outside of Yahoo." He also expressed his confidence in the new chief, Scott Thompson, and the rest of the management team.
Shares of Yahoo jumped more than 4 percent in after-hours trading to more than $16 per share, immediately following the announcement.
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