Jerry Yang, co-founder of web giants Yahoo!, has resigned after 17 years at the top.
One of the first massive web companies, Yahoo! was founded by Yang and David Filo in 1995, dominating the web until peaking in 2007 with their strongest revenues.
However, the Yahoo! fortunes began to wane in the wake of the Facebook era, and a series of poor business choices partly on Yang’s behalf made the company stutter. Most importantly, Yang turned down a £31 billion offer for the company from Microsoft back in 2008, a poor decision considering the company is now thought to be worth around £20 billion.
Yahoo! will be hoping that Scott Thompson’s rise to CEO will reinvigorate the company, with perhaps Yang’s emotional investment in the company blocking much-needed restructuring efforts.
In a statement, Yang said that: “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.”
My first tip for the new bosses? DROP THAT BLOODY EXCLAMATION MARK.
By Gerald Lynch | January 18th, 2012