Yahoo! co-founder Jerry Yang resigns

Yahoo! announced Tuesday that co-founder Jerry Yang has resigned from the board of directors, effective immediately, and all of his other positions with the Internet company. In addition to stepping down from the Yahoo! board, Yang has also resigned from the boards of Yahoo! Japan and Alibaba Group Holding Ltd, Yahoo! said in a statement. In a letter to Roy Bostock, the chairman of the Yahoo! board, Yang said "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 added. "Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service," Bostock said. "And while I and the entire board respect his decision, we will miss his remarkable perspective, vision and wise counsel." Yang co-founded Yahoo! in 1995 with David Filo. He served as chief executive from June 2007 to January 2009, during which time he notably turned down a $47 billion takeover bid from Microsoft.