Yahoo co-founder Jerry Yang resigns
Respected in the industry as one of the founding figures of the Web, Yang has come under fire from investors more than once.
Yahoo Inc co-founder Jerry Yang resigned from the struggling Internet company on Tuesday.
Yang, who started Yahoo (YHOO) in 1995, is leaving the company's board of directors as well as all other positions within the company effective Tuesday, Yahoo said. The move comes two weeks after Yahoo appointed Scott Thompson to serve as its new CEO.
Shares of Yahoo were up 3.4 percent at $15.97 in after-hours trading on Tuesday.
In a letter to Yahoo's chairman of the board, cited in Tuesday's announcement, Yang said he was leaving Yahoo to pursue "other interests outside of Yahoo" and said he was "enthusiastic" about Thompson to lead the company to a successful future.
Yang, whose official title is "co-founder and chief Yahoo," is also resigning from the boards of Yahoo Japan and Alibaba Group Holdings, the company said.
Respected in the industry as one of the founding figures of the Web, Yang has come under fire from investors over the years.
In 2008 while Yang was serving as CEO, Yahoo rejected an unsolicited takeover bid from Microsoft (MSFT) worth about $44 billion. Its share price was subsequently pummeled during the global financial crisis and its current market value is about $20 billion. (Microsoft owns MSN Money.)
More recently, Yang and Yahoo chairman of the board Roy Bostock, have been criticized by some large Yahoo shareholders for their handling of the "strategic review" the company was pursuing, in which discussions have included the possibility of being sold, taken private or broken up.