Seventeen years after starting one of the first Internet content companies, Yahoo Inc. (Nasdaq: YHOO) co-founder Jerry Yang resigned yesterday (Tuesday) - giving Yahoo a fighting chance of rising from its dismal decline in the tech world.
The departure of co-founder Yang, who also served as CEO from June 2007 to January 2009, marks the latest casualty as Yahoo strives to compete against more modern tech companies. Yahoo two weeks ago announced it had chosen a new chief executive officer - Scott Thompson, most recently president of eBay Inc. (Nasdaq: EBAY).
Shareholders have been pushing for Yang's exit as search leader Google Inc. (Nasdaq: GOOG) and social media giant Facebook Inc. have dominated markets in which Yahoo failed to gain traction.
Still, Yang's decision was a surprise because of his deep personal attachment to the company.
"Jerry's thrown in the towel," Colin Gillis, a BGC Partners analyst, told Bloomberg News. "He founded the company - this is his baby."