Jerry Yang is leaving, and Wall Street says Yahoo!

Jerry Yang

Nearly 17 years after co-founding Yahoo, Jerry Yang is resigning from the board and “all other positions with the company,” according to an announcement this afternoon.

Yahoo shares are up more than 3.5 percent in after-hours trading.

His departure, effective today, follows the recent appointment of a new CEO, Scott Thompson, to replace Carol Bartz, who succeeded Yang in the role.

Yang is quoted in the Yahoo news release: “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.”

The Yahoo co-founder may be best remembered for standing his ground against an unsolicited acquisition bid from Microsoft, a deal that was originally proposed at $31 per share. Yahoo’s share price closed trading today at 15.43, slightly less than half of that, before rising in after hours trading on the announcement of Yang’s departure.

UPDATE: Kara Swisher of All Things D reports that as many as four others may soon be leaving Yahoo’s board, one she says may very well be “the most dysfunctional board in all of tech.” Among those who may depart next: Chairman Roy Bostock, Arthur Kern, Vyomesh Joshi and Gary Wilson.

  • Guest

    Now when is Balmer going to do the same? MSFT will jump significantly after that

    • Guest

      Yeah, MS is way overdue for a CEO and board house cleaning. Eleven years of a declining stock. Growth now less than 5% for revenue and negative for profit. Butt kicked in smartphones and tablets. Multi-decade market cap title lost. No viable strategy for future growth. What a mess. At least Yahoo has assembled some impressive assets that are worth its current valuation and then some.

  • Guest

    Yahoo!’s stock jumps, and you link to Google Finance for a quote of it?

    Irony. Pure, unbridled irony.

  • Guest

    Yahoo!’s stock jumps, and you link to Google Finance for a quote of it?

    Irony. Pure, unbridled irony.

  • Bob

    “the most dysfunctional board in all of tech.”

    I’d say they have some competition for that title. HP, for example. Or how about MS? MS is the only one of the three that has a negative stock return over the last decade. At least Yahoo and HP can claim they made CEO changes but those didn’t work out. What’s MS’s excuse?

  • Moretent

    At some point, Bill G is going to have to choose between his best friend and his company. He can’t have both.

    • Guest

      He already chose. He picked his buddy.

  • http://twitter.com/jclaussftw Jason Gerard Clauss

    Yahoo at this point has all the brand equity of HotOrNot.com. I equate Yahoo users with the tech-oblivious.