CO-FOUNDER JERRY YANG RESIGNS FROM YAHOO!

Yahoo! Inc. has announced that its co-founder, Jerry Yang, has resigned from its board of directors and management. He gave the reins of the company, which he co-founded with David Filo in 1995, in the hands of newly-appointed Chief Executive Officer Scott Thompson.

Jerry Yang's resignation from the premier digital media company’s board of directors was announced early today and became effective soon after. In addition, Yang resigned from the boards of Yahoo! Japan Corporation and Alibaba Group Holding Limited, also effective today.

According to multiple reports, as of November, Jerry Yang owns a 3.8 percent stake of the Sunnyvale, California-based company. Jerry Yang, who co-founded Yahoo! Inc. in 1995 with his Stanford University classmate, David Filo, had served as a member of the board of directors since March 1995. The Web giant began as "Jerry and David's Guide to the World Wide Web," and later became public in 1996.

In addition to co-founding Yahoo!, Jerry Yang served as its chief executive officer from June 2007 to January 2009. However, he was replaced by Carol Bartz as CEO, after Yang was a target of criticism for his handling of acquisition talks with Microsoft and the company’s lackluster performance. Bartz, in turn, was fired in September 2011 following the controversial rejection of a Microsoft buyout.

Alibaba Group CEO Jack Ma said he had “great respect” for what Jerry Yang did to make Yahoo! the most popular U.S. Web portal to date. “Jerry is a longtime friend with whom I have had a strong personal and professional relationship that has withstood some ups and downs over the past few years,” Ma said in statement. “We look forward to continuing our constructive relationship with the Yahoo board and leadership.”

“We appreciate Jerry’s comments and share his enthusiasm for the company’s prospects,” said Yahoo! Board Chairman Roy Bostock. “With Scott Thompson leading an outstanding team of Yahoos to deliver innovative products and an engaging customer experience, Yahoo’s future is bright.”

Newly-minted Yahoo!’s CEO Scott Thompson also said, “I am grateful for the warm welcome and support Jerry provided me during my early days here. 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.”