Yahoo! (YHOO) Investors Cheer Yang's Exit
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Yahoo! (Nasdaq: YHOO) shares rose sharply after-hours Tuesday following the surprise resignation of Jerry Yang from the Board of Directors and all other positions with the company.
Shareholders are cheering the news as Mr. Yang was seen as an obstacle to a sale of all or part of the company.
In a letter to Chairman Roy Bostock, Yang wrote:
"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."
Yang also resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited, effective today.
Activist investor Dan Loeb of Third Point LLC had been calling for Yang's head.
Shares of Yahoo! last traded at $15.97, up 3.5 percent from Tuesday's NASDAQ close.
Shareholders are cheering the news as Mr. Yang was seen as an obstacle to a sale of all or part of the company.
In a letter to Chairman Roy Bostock, Yang wrote:
"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."
Yang also resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited, effective today.
Activist investor Dan Loeb of Third Point LLC had been calling for Yang's head.
Shares of Yahoo! last traded at $15.97, up 3.5 percent from Tuesday's NASDAQ close.
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