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Jerry Yang wipes his hands and leaves Yahoo; is a sale imminent? [news.yahoo.com]
Yahoo has announced that Jerry Yang has resigned from his position with the Board of Directions, as well as with the boards of Yahoo Japan and Alibaba.
“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 wrote in a statement to the board.
[edited by: bill at 8:50 am (utc) on Jan 18, 2012]
[edit reason] add quote [/edit]
According to sources close to the situation, Yahoo co-founder Jerry Yang is just the first shoe to drop in what is shaping up to be what looks like a large exodus of board members from the Silicon Valley Internet company.
Sources said four other directors will also step down soon. As I wrote last week, in a post suggesting Yang might also go, the prime candidates to go appear to be: Chairman Roy Bostock, Arthur Kern, Vyomesh Joshi, and Gary Wilson.
Sequoia Capital, the firm which had invested in Apple, Atari, Oracle and Cisco agreed to fund Yahoo! with an initial investment of around $2 million. Jerry and David hired Tim Koogle, an alumnus of Stanford and working in Motorola, as Chief Executive officer of Yahoo! and Jeffrey Mallett of Novell as Chief Operating Officer. After receiving another funding in 1995 from Softbank and Reuters Ltd., Yahoo! came out with its initial public offering (IPO) on 12th April, 1996. At tat time Yahoo! had only 49 employees. Yahoo! raised $33.8 million from the IPO by selling 2.6 million shares at $13 each.
Yahoo! started diversifying into Web portal just like other search engines and web directories were doing. The Web portal providers were acquiring companies to increase the number of services being offered by them. This was being done so that the user spends maximum time possible on the portal. Yahoo! acquired "Four11" in 1997 and the mail service being provided by Four11, Rocketmail, became now famous Yahoo! Mail. Yahoo! Games was a result of acquisition of "ClassicGames.com". In 1998 Yahoo! acquired Yoyodyne Entertainment Inc., a direct marketing company and acquired "GeoCities" which is a web hosting provider. "eGroups" became Yahoo! Groups after being acquired by Yahoo! in 2000.
To enhance the search services being provided by it, Yahoo! started acquiring other search engines. It acquired "Inktomi" in December 2002, "Overture Services Inc" and its subsidiaries "AltaVista" and "AlltheWeb" in July 2003.
Yahoo! acquired HotJobs , the job-related site, in 2002
Yahoo! purchased the photo sharing service "Flickr" on 20th March, 2005.
Yahoo! acquired "blo.gs", a RSS feed based service. "Upcoming.org", a social event calendar site was bought by Yahoo! on 4th October, 2005. Yahoo! took acquisition of "del.icio.us", a social bookmark site on 9th December and acquired playlist sharing community "webjay" in 2006 January.