The co-founder of the online firm says "the time has come for me to pursue other interests outside of Yahoo."NEW YORK -- Yahoo's stock rose in after-hours after the online company said that co-founder Jerry Yang has resigned from its board and all other positions with the company, including that of "chief Yahoo," effective immediately.
Yang's departure comes after the recent appointment of former PayPal president Scott Thompson as CEO and at a time when the online giant continues to explore its strategic options. Among them are investments from private equity firms and the sale of its Asian assets. Some observers have seen Yang as an obstacle to a deal.
Yahoo shares were up around 3.5 percent at 5:15 p.m. ET.
Yang, whose net worth stood at $1.1 billion as of September, according to Forbes' annual billionaires list, co-founded Yahoo in 1995 with David Filo. He served as a member of the board since March 1995. He was also the company's CEO from June 2007 to January 2009.
Yang wrote in a letter to the board: "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."
"I am grateful for the warm welcome and support Jerry provided me during my early days here," said Thompson in a statement. "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."
From The Hollywood Reporter (click here)