Yahoo! Inc. (NASDAQ:YHOO) announced the resignation of founder Jerry Yang just a few minutes ago. Yang resigned from its Board of Directors and all other positions in the company today. Yang also resigned from the Board at Alibaba Group Holding Limited today.
Jerry Yang wrote a letter to the Yahoo! Board Chairman, Roy Bostock, stating;
“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.”
Yahoo! was founded in 1995 by Jerry Yang and David Filo. Yang served as a member of the Board of Directors since the 1995 and served as CEO from June 2007 to January 2009. Yahoo! became a public company in 1996.
Investors welcomed this news in after hours trading as Yahoo! shares rose nearly 4% to $16.02.