Yahoo! board member Jerry Yang has apparently been forced out of the company he founded. In a statement released today, Yahoo announced he had resigned from its board of directors and all other positions at the company.
In resigning, 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.
Quite frankly, it's about time. Despite early success, Yang proved unable to navigate the modern web. He famously spurned a $46 billion buyout offer from Microsoft, when the company was already floundering. The once-mighty Yahoo! had become the butt of jokes, and was bleeding talent as well as money. It made of mess of just about everything it touched.
Here's hoping new leadership can right the ship. [MarketWatch]
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