Aspiring Business Leaders Worldwide

Yahoo Co-founder Jerry Yang Quits

SHARE
, / 1963 0
Jerry Yang. Yahoo's Ex co-founder

Jerry Yang. Yahoo's Ex co-founder

Jerry Yang, co-founder of Yahoo Inc., quit the company eliminating one of the last remnants of a management team. The management team was blamed by investors for failing to hunt for a buyer or negotiate a sale of stakes in Asian assets worth more than $10 billion.

Jerry Yangโ€™s resignation from Yahoo

Jerry Yang had started the company in 1995 with David Filo. Jerry Yangโ€™s exit from Yahoo Inc has pacified shareholders who had blasted the Yahoo, for pursuing a futile personal vision and impeding investment deals that could have altered the struggling company.

After Yangโ€™s resignation from Yahoo, as reported in several business magazines, the company is being considered as the latest victim of an overhaul that led to the dismissal of ex-CEO Carol Bartz. Jerry Yang's abrupt exit came two weeks after the appointment of new Yahoo CEO, Scott Thompson, with a mandate to return the once-leading Internet portal to the heights it enjoyed in the 1990s.

Ben Schacter, an analyst at Macquarie said, โ€œEveryone is going to assume this means a deal is more likely with the Asia counterparts. The perception among shareholders was Jerry was more focused on trying to rebuild Yahoo than necessarily on maximizing near-term shareholder value. It certainly seems things are coming to a head as far as realizing the value of these assets.โ€

Expectations eyed at new Yahoo CEO, Scott Thompson

Industrial magazine reports that, after the resignation of Yahoo co-founder and one-time chief executive officer Yang, from his leadership position, the new Yahoo CEO Scott Thompson has liberated rein to unwind the company's part- ownership of Alibaba Group Holding Ltd. and Yahoo Japan Corp. It is believed that the new Yahoo CEO may also do a better job enabling Yahoo to mount a credible threat to Google Inc. and Facebook Inc. in online advertising.

โ€œWe appreciate Jerry's comments and share his enthusiasm for the company's prospects,โ€ said Chairman Roy Bostock. โ€œWith Scott Thompson leading an outstanding team of Yahoos to deliver innovative products and an engaging customer experience, Yahoo's future is bright.โ€

Yahoo Inc. did not say where Yang was headed or what the reason of his sudden resignation was. New Yahoo CEO Thompson offered few hints in a memo to employees announcing, โ€œI am grateful for the support and warm welcome Jerry provided me in my early days here. His insights and perspective were invaluable, helping me to dig deeper, more quickly than I could have on my own, into some of the key elements of the company and how it operates.โ€

It is believed that Jerry Yang was a lifer at Yahoo. It is kind of difficult to envision Yahooโ€™s smooth running without him on the board.

 

Register today to get full access to:

All articles | Magazine archives | Livestream events | Comments

PASSWORD RESET

Register today to get full access to:

All articles | Magazine archives | Livestream events | Comments

//

Subscribe Plan Details








Register today to get full access to:

All articles | Magazine archives | Livestream events | Comments

LOGIN