Holy big news. Jerry Yang, the oft-criticized Yahoo co-founder and board member, has resigned from the company’s board, Yahoo announced this afternoon, the Wall St Journal reports.
Remember that Yahoo shareholder Dan Loeb wanted Yang off the board, and some Yahoo investors believed Yang was improperly talking on his own to potential suitors for Yahoo. Our Journal colleagues recently reported Yahoo was searching for a few good director candidates.
Yahoo’s statement says Yang is leaving the board to pursue other interests. Yahoo’s stock price is rallying about 3.7% in after-hours trading, no doubt because investors have seen Yang as a roadblock to a sale or other big shakeup at the company. It’s worth keeping in mind, however, that Yahoo Chairman Roy Bostock all but ruled out an outright sale of the company, though it’s not clear whether he will be on the board for the long term, either….
Read all about it at http://blogs.wsj.com/deals/2012/01/17/jerry-yang-resigns-from-yahoo/?mod=WSJBlog
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