Yahoo co-founder Jerry Yang resigns
Updated: 2012-01-18 06:31
SAN FRANCISCO - Yahoo co-founder Jerry Yang is leaving the struggling company.
The surprise departure, announced Tuesday, comes just two weeks after Yahoo Inc. hired former PayPal executive Scott Thomson as its CEO.
Yang expressed his support of Thompson in his resignation from Yahoo's board of directors. He had been on Yahoo's board since the company's 1995 inception.
Yang is also stepping down from the boards of China's Alibaba Group and Yahoo Japan. Yahoo is negotiating to sell its stakes in both companies.
Yang is also giving up his title as "chief Yahoo."
Although a popular figure among Yahoo employees, Yang had alienated the company's shareholders by turning down a $47.5 billion takeover offer from Microsoft Corp. in 2008.
- Investors search for new investment channels
- HK stocks surge 3.24% Tuesday
- Chinese shares rally 4.18% on GDP data
- Amazon expands business in SW China
- China to approve more qualified foreign investors
- Internet use rises at slower pace in 2011
- China's 2011 GDP growth slows to 9.2%
- London set for a role in yuan transactions