Yahoo! Inc. (YHOO) said co-founder Jerry Yang resigned from the board and all other positions, two weeks after the company announced new leadership under Chief Executive Officer Scott Thompson.
Yang, who had the position of “chief Yahoo,” was CEO from June 2007 to January 2009, when the Sunnyvale, California-based company rejected an acquisition offer from Microsoft for $47.5 billion. He was replaced by Carol Bartz as CEO, who was fired in September 2011.
Yang’s exit comes after Yahoo investor Third Point LLC asked for two board seats and for Yang to step down as a director. Third Point cited the “board’s inability — or perhaps unwillingness — to properly solicit true strategic alternative bids, let alone to negotiate them,” in a November statement.
Yahoo is now worth about $19 billion. Any buyout would be fortunate to get half of the Microsoft offer. The bulk of the value in Yahoo is the value of their stake in the chinese company Alibaba.