Yahoo co-founder and ex-CEO Jerry Yang has decided to resign from his post, as a member of the struggling Internet search company’s board of directors.
Yang resolved to leave the Web portal company he established, which also has fallen from its former glory, to find other interests outside of its vicinity.
He leaves behind all his roles as a member of the board of directors in Japan and the U.S. and Alibaba Group Holding.
“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,” wrote Yang in his resignation letter. “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.”
His resignation looks ironed out, with Yahoo top execs bidding him consoling farewells, all of which appears to center on Yahoo’s future, rather than what’s in store for Yang.
“I am grateful for the warm welcome and support Jerry provided me during my early days here,” added Scott Thompson, CEO of Yahoo. “Jerry has great confidence in the future of Yahoo, and I share his confidence in the enormous potential of Yahoo in the days ahead.”
“Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo during his many years of service,” said Roy Bostock, chairman of the Yahoo board. “It has been a pleasure to work with Jerry. His unique strategic insights have been invaluable. We appreciate Jerry’s comments and share his enthusiasm for the company’s prospects. With Scott Thompson leading an outstanding team of Yahoos to deliver innovative products and an engaging customer experience, Yahoo’s future is bright.”
Yang’s position on the board has lately created friction among fellow members after he famously drove back a lucrative offer from Microsoft worth $33 per share – a move that will certainly go down in his history, especially now that Yahoo’s shares cost less than half of that amount.
Moreover, his colleagues recently thought he had plans for a takeover, which did not do well for the board, who thought it was a bit of a trouble for the company.