Yahoo! Inc. has announced that co-founder Jerry Yang has resigned from company's board of directors, as well as the boards of Yahoo Japan and Alibaba Group Holding, effective Tuesday.
In a letter to the Yahoo! board chairman Roy Bostock, Yang wrote: "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."
Yang co-founded Yahoo! Inc. in 1995 with David Filo. He had served as a member of the board of directors since March 1995 and as CEO from June 2007 to January 2009. He was succeeded by Carol Bartz, who was forced out in September.
The company went public in 1996 but has struggled in recent years against Google and Facebook for online advertising. Former PayPal executive Scott Thompson started work as the company's CEO last week.