Jerry Yang co-founded Yahoo! in 1995 with David Filo. The company grew quickly and has since been one of the largest sites on the Internet. David Filo, however, will remain on Yahoo!.
Yesterday, he resigned from Yahoo!, with immediate effect. Until yesterday, he was on the board of Yahoo! and Yahoo! Japan and Alibaba Group Holding.
“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.”
Yahoo! was up to the mid 2000’s, the leading portal on the Internet, but when Google began to increase in popularity, Yahoo!’s market share decreased at a rapid pace.
In early 2008, Microsoft tried to buy Yahoo!, which was met with great resistance from both Jerry Yang and Yahoo!’s board. According to Jerry Yang, Yahoo! was worth more than Microsoft was willing to pay.
After Yahoo! turned down a bid of just over $40 billion, Microsoft left the negotiations. Many analysts blamed Jerry Yang for the failed transaction.
In January 2009, Jerry Yang resigned as CEO of Yahoo! and appointed Carol Bartz to take his place. Her career, however, was short-lived and after a series of failed attempts to build up the company she was fired in September 2010.
Yahoo! is perceived today by many analysts as a troubled company that are performing poorly financially and lost its once dominant position to companies like Google, Facebook, Twitter and Apple.
(via Computer Sweden)
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