As per the fresh report, the co-founder of Yahoo Jerry Yang resigns from his post as per the demand of angry shareholders that want it for better transformed and revenue growth of the company.
From 1995, Yang has given his life to the company and because of his innovative ideas and enthusiasm, it survives and stays at this high level. But at this time when the most leading Internet Company Yahoo is facing a big financial crisis and past three years its value is around $20billions.
Much criticism made by employees and shareholders to Yang as per his slow decision taken strategy, its innovation with old ideas and its inability to rebirth the Company.
Having many expectations from Yang and his inability to stand over them seems to be the main reason for departure from a job just after two weeks when Yahoo appointed Scott Thompson as a new CEO.
As per the report, after getting approval from Thompson by signing on resigning letter, Yang submitted it to Yahoo’s board of directors.
Along with Co-founder post, he is also leaving and getting rid of from the boards of China’s Alibaba Group and Yahoo Japan and quits from the official title “Chief Yahoo,” that he and his co-founder David Filo carry in April and May 2011 with 3.69% stake in shares of the company.
Estimations are made that the step that Yang has taken is put out from his attempt to handling back $44 billion takeover bid from Microsoft Corp in 2008 that was broke out before completion.
As per source report, Yang wrote in his letter, “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 a return on behalf of me to pursue different interests outside of Yahoo.”
However, nobody at the side of Boards of Yahoo has famed what’s Yang’s next step to be headed. But BGC Financial analyst Colin Gillis called his resigning decision as the fingerprints of frustration and he said, “It’s one of those situations where it looks like (Yang) is losing the battle to control the company’s direction and now he is saying, ‘That’s it, I’m out.’”