Yahoo co-founder Jerry Yang has resigned as a board member and from all his other company positions. In a letter to the board's chairman, Yang said it was time for him to "pursue other interests," according to a company statement. He had faced criticism from shareholders; some believed he was holding the company back from an overhaul, the Wall Street Journal notes. But chairman Roy Bostock praised Yang's "remarkable perspective, vision and wise counsel." The company's stock price climbed some 3.7% in after-hours trading following the news.
The resignation comes amid turbulence at the company. Yahoo recently appointed former PayPal head Scott Thompson as CEO, and the firm is gearing up for a shareholder meeting this spring that's sure to be contentious. The take from the Between the Lines blog at ZDNet: Good riddance. The bloggers think Yang should have left in 2009 after "screwing up" a potential deal with Microsoft, a mistake that has haunted the company since. His departure could lead to a "dramatic restructuring that could revamp the company." (Read more Jerry Yang stories.)