Yahoo loses founder Yang

 
City A.M. Reporter
THE CO-FOUNDER of struggling online firm Yahoo last night resigned from the company.

Jerry Yang, who started Yahoo in 1995, is leaving the company’s board of directors as well as all other positions within the company effective immediately to pursue other interests.

Yang, who held the official title of “chief Yahoo”, leaves the firm just two weeks after Scott Thompson took over as chief executive.

Shares of Yahoo were up 3.4 per cent in after-hours trading.

“Everyone is going to assume this means a deal is more likely with the Asia counterparts,” said Macquarie analyst Ben Schacter, referring to Yahoo’s stake in Alibaba.

“The perception among shareholders was Jerry was more focused on trying to rebuild Yahoo, than on necessarily on maximizing near-term shareholder value.”