Jerry Yang Leaves Yahoo

Yahoo has just announced that founder, former CEO and current member of the board Jerry Yang has left the company. Yang has resigned from all positions within the company including his board seat and the resignation will be effective as from today.

The stock (YHOO) is up a gigantic 3% in after hours trading since the news broke. This indicates that investors may believe that Yang was part of the issue that has plagued Yahoo over the past few years.

The departure comes as a shock to the company where many saw Yang as a loyal board person. Yang had been at the company since founding in 1995 with David Filo and has since that time played a part in the company.

Below is a portion of the resignation letter that Yang sent to chairman Roy Bostock:

“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.”