Jerry Yang, Yahoo!’s co-founder, has resigned from the company’s board of directors and every other position he held. Yang is leaving at a time when the Internet behemoth has struggled to remain relevant in an age of social media.
“The time has come for me to pursue other interests outside of Yahoo!,” Yang said in a statement. In the same press release, Yang was praised by the chairman of the board and the CEO, who called him a visionary and an innovator.
But as The Wall Street Journal reports, Yang’s resignation was coming:
“Remember that Yahoo shareholder Dan Loeb wanted Yang off the board, and some Yahoo investors believed Yang was improperly talking on his own to potential buyers for Yahoo. Our Journal colleagues recently reported Yahoo was searching for a few good director candidates.
“Yahoo’s statement (see below) says Yang is leaving the board to pursue other interests. Yahoo’s stock price is rallying, no doubt because investors have seen Yang as a roadblock to a sale or other big shakeup at the company.”
The AP reports that Yang had “alienated the company’s shareholders by turning down a $47.5 billion takeover offer from Microsoft Corp. in 2008.”