The resignations are effective today.
“My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life," Yang said in a letter to the board, according to the company. "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 co-founded Yahoo in 1995 with David Filo. He has been a board member since March 1995, and was CEO from June 2007 to January 2009.
The larger question, of course, is what this means for the company. Yang has been a champion of Yahoo staying independent; he played a key role in the company's rejection of a generous takeover bid from Microsoft in 2008. The company has recently been considering various strategic options; there have been reports that the company could be acquired by private equity investors, perhaps in concert with Microsoft, Alibaba and/or Softbank. Does Yang's resignation signal that a deal is imminent? The market seems to think so; in late trading, Yahoo shares are up 60 cents, or 3.9%, to $16.03.
