Silicon Valley giant Yahoo! Inc. announced today that Jerry Yang has tendered his resignation, 17 years after co-founding the company. Stock prices of the beleaguered company rose slightly following the announcement.
Yahoo has seen a decline in revenue in recent years, and has been struggling to compete with other online companies for advertising dollars. Yang gained some notoriety among shareholders in 2008 when, while he was serving as CEO, the company rejected a multi-billion dollar deal to sell to Microsoft. Yang stepped down as CEO within months, but remained on the board.
Yang said in a statement:
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.
Scott Thompson was appointed as Yahoo’s CEO just 2 weeks ago. He previously served as President of PayPal.