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Jerry Yang Quits Yahoo Again, This Time For Good

Tyler Durden's picture




 

Jerry Yang, who previously quit as YHOO CEO, has just announced his final resignation as Chairman of the company, in what appears to be a (pyrric) victory for Dan Loeb, who made the ouster of Yang his number one goal in life. Well, Yang is now gone, and Loeb can proceed with the value maximing exercise. We have a very distinct feeling Loeb will be rather disappointed with what he discovers. It may be even more difficult for Loeb to remind the general population that Yahoo is not Friendster, and is actually still in existence. Of course, the pain trade is fading all the MSFT for YHOO rumors which will start hitting the tape every day at 9:45am like clockwork. Stock was up as much as 5% after hours. Now fading.

Yahoo! Announces Resignation of Jerry Yang

Yahoo! Inc. (NASDAQ: YHOO), the premier digital media company, today announced that Jerry Yang has resigned from its Board of Directors and all other positions with the company, effective today. In addition, Yang resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited, effective today.

In a letter to the Yahoo! Board Chairman Roy Bostock, Yang wrote:

“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 co-founded Yahoo! Inc. in 1995 with David Filo and served as a member of the Board of Directors since March 1995 and as Chief Executive Officer from June 2007 to January 2009. The Company went public in 1996.

“Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service,” said Roy Bostock, Chairman of the Yahoo! Board. “It has been a pleasure to work with Jerry. His unique strategic insights have been invaluable. He has always remained focused on the best interests of Yahoo!’s stakeholders, including shareholders, employees and more than 700 million users. And while I and the entire Board respect his decision, we will miss his remarkable perspective, vision and wise counsel. On behalf of the Board, we thank Jerry and wish him all the very best in his future endeavors.”

Bostock concluded, “We appreciate Jerry’s comments and share his enthusiasm for the company’s prospects. With Scott Thompson leading an outstanding team of Yahoos to deliver innovative products and an engaging customer experience, Yahoo!’s future is bright.”

“I am grateful for the warm welcome and support Jerry provided me during my early days here,” said Scott Thompson, Yahoo!’s Chief Executive Officer. “Jerry leaves behind a legacy of innovation and customer focus for this iconic brand, having shaped our culture by fostering a spirit of innovation that began 17 years ago and continues to grow even stronger today. Jerry has great confidence in the future of Yahoo!, and I share his confidence in the enormous potential of Yahoo! in the days ahead.”

 

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Tue, 01/17/2012 - 18:03 | 2072450 NOTW777
NOTW777's picture

what? china needs a new political censor?  maybe n. korea?

Tue, 01/17/2012 - 18:27 | 2072521 Eireann go Brach
Eireann go Brach's picture

Who Flung Dung at Jerry Yang? Pick Up Stix is looking for a new cook!

Tue, 01/17/2012 - 23:56 | 2073341 LasVegasDave
LasVegasDave's picture

worst decision in business history; saying no to MSFT?

Tue, 01/17/2012 - 18:04 | 2072453 BrocilyBeef
BrocilyBeef's picture

here fixed it for ya:

the premier digital media company [of the 90s]

and

Jerry Yang [was] a visionary and a pioneer,

Tue, 01/17/2012 - 18:09 | 2072476 Dr. Engali
Dr. Engali's picture

He should have quit when he was on top instead of lingering around like a stale fart.

Tue, 01/17/2012 - 18:18 | 2072484 BrocilyBeef
BrocilyBeef's picture

He was in the lab working on launching some Yangoo!

Tue, 01/17/2012 - 18:41 | 2072560 chumbawamba
chumbawamba's picture

Not sure what will happen to this company.  I'm chiming in only to offer my meager 2 zinc cents to present one particular insight: I happen to know that until more recently, Yahoo! had plans to tear down and discard its iconic billboard on I-80 east heading out of San Francisco.  They only changed their mind later on, presumably after the historic nature of the sign was pointed out to the higher ups.  From my sources, they have now found a spot on their compass to mount it for its retirement.

Why does this matter?  A company doesn't just discard its heritage--practically a part of its identity--like that unless it's going through some sort of crisis.

Yahoo! is one of the first companies to bring order to the chaos of the WWW, and for that they--specifically Jerry Yang--deserve props.  Don't piss on the giants upon whose shoulders you are standing to see farther.

I am Chumbawamba.

Tue, 01/17/2012 - 18:49 | 2072595 francis_sawyer
francis_sawyer's picture

I say tear it down & weld it to the roof of the White House...

Tue, 01/17/2012 - 19:19 | 2072672 BrocilyBeef
BrocilyBeef's picture

Very true, Chumba.

I used to use YAHOO! for their directory search and spent some time trying to get early websites listed there.

Also, for some time I used their Yahoo! User Interface (YUI) library.

Unfortunately, someone left the can of Yahoo! open and it spoiled over the last decade.

They simply do not know their place in today's market. What is Yahoo!?

Tue, 01/17/2012 - 20:05 | 2072770 taxpayer102
taxpayer102's picture

Jerry was made an offer he couldn't refuse, like was done to Ted Turner.

Tue, 01/17/2012 - 20:05 | 2072772 dark pools of soros
dark pools of soros's picture

yahoo still has the best sports portals

Wed, 01/18/2012 - 04:07 | 2073682 Arkadaba
Arkadaba's picture

Sometimes hard to tell when you are the inside. Very smart guy

Wed, 01/18/2012 - 04:07 | 2073683 Arkadaba
Arkadaba's picture

Sometimes hard to tell when you are the inside. Very smart guy

Wed, 01/18/2012 - 04:06 | 2073681 Arkadaba
Arkadaba's picture

Definitely a visionary and a pioneer.

Tue, 01/17/2012 - 18:04 | 2072454 BlueStreet
BlueStreet's picture

Out with one yahoo and in with another.  

Tue, 01/17/2012 - 18:07 | 2072463 BrocilyBeef
BrocilyBeef's picture

should merge with MSFT and create "Binghoo!"

Tue, 01/17/2012 - 18:05 | 2072459 SheepDog-One
SheepDog-One's picture

I didnt even realize Yahoo! still existed.

 

Tue, 01/17/2012 - 18:08 | 2072472 Stack Trace
Stack Trace's picture

What? You don't get all your financial news from Yahoo like 80% of the country?

Tue, 01/17/2012 - 18:08 | 2072473 BrocilyBeef
BrocilyBeef's picture

Yahoo is the Kmart of search engines...

Tue, 01/17/2012 - 18:25 | 2072515 francis_sawyer
francis_sawyer's picture

Please don't tell me this is a descendant of the Kuhn, Loeb & Company family tree...

Tue, 01/17/2012 - 18:42 | 2072569 Poor Grogman
Poor Grogman's picture

It does???

Now that is big news.....!

Tue, 01/17/2012 - 18:07 | 2072462 Dr. Engali
Dr. Engali's picture

How much was Mr. Softy offering for this P.O. S company? He's lucky the share holders don't string him up.

Tue, 01/17/2012 - 18:32 | 2072536 realitybiter
realitybiter's picture

30 (turdy)

Tue, 01/17/2012 - 18:08 | 2072467 SheepDog-One
SheepDog-One's picture

CEO quits....pump stock 5%!

Tue, 01/17/2012 - 18:11 | 2072479 CalibratedConfidence
CalibratedConfidence's picture

perhaps this is why the HFT hit .com stocks today

 

http://www.calibratedconfidence.com/2012/01/high-frequency-trading-recap...

Tue, 01/17/2012 - 18:11 | 2072481 NOTW777
NOTW777's picture

so when obama quits - dow 24000

Tue, 01/17/2012 - 18:16 | 2072492 The Count
The Count's picture

Yang gets the biggest dunce for not cashing out in time award. How could anybody have pissed around for nothing when MSFT was willing to pay a hugely inflated price? 

 

 

Tue, 01/17/2012 - 18:18 | 2072500 BrocilyBeef
BrocilyBeef's picture

+1. Ironic too how he disliked Microsoft yet did them a favor instead. Silly Yangoo.

Tue, 01/17/2012 - 18:16 | 2072495 Saro
Saro's picture

Yahoo is the new AOL, spiraling down and down until they are increasingly irrelevant and people ask "Are they still around?  What do they do, anyway?"

Tue, 01/17/2012 - 18:19 | 2072501 BrocilyBeef
BrocilyBeef's picture

kinda like the milk man, me thinks.

Tue, 01/17/2012 - 18:30 | 2072531 realitybiter
realitybiter's picture

Mark Cuban quit Yahoo in 1999.

Mark Cuban has doubled his networth since then, playing around with a bunch of b-ballers, got the ring, made some movies...

Yang?  His networth, his name, and I am sure his enjoyment have all taken a massive hit over the last DECADE.

 

Never close out the party.  Arrive right before the crest and leave shortly after. ....stay too long and you will be stuck cleaning up....It will take you years to clean it up.

Tue, 01/17/2012 - 18:45 | 2072577 chumbawamba
chumbawamba's picture

Not defending Yahoo!, but first of all, any douche could make money in the dot.com boom, and Mark Cuban is proof of that.  Where Mark was different is that he, as you say, knew when to leave the party.  Second, for Mark it may have just been a party, but for Jerry it was his house.

I don't know either.  I just know that Jerry Yang is the quintessential WWW pioneer, and Mark Cuban is a douche.

Also: everyone still knows who Yahoo! is.  But, Mark who?

I am Chumbawamba.

Tue, 01/17/2012 - 19:07 | 2072635 Squid Vicious
Squid Vicious's picture

Most class-less owner in professional sports, hands down, sit behind him at a Mavs game and you would understand

Tue, 01/17/2012 - 19:37 | 2072719 Blegoo
Blegoo's picture

Most of the posters here have an yahoo email account.

:)

 

Tue, 01/17/2012 - 20:51 | 2072856 Taint Boil
Taint Boil's picture

 

 

I just went to yahoo my login for shits and giggles and BOOOM! A huge full page ad trying to get me to sign up for some credit card, aah thanks, just what I wanted to see. I can't stand yahoo it is one big huge virus that you have to download on your computer in order for it to work. g-mail is my favorite, much better buy miles and miles (but I can see google slowly moving to the dark side though). Google vs Yahoo LOL

Tue, 01/17/2012 - 21:31 | 2072763 JuicedGamma
JuicedGamma's picture

Chumbawama, awesome that you have returned.  So many people lost it all back then,  Yahoo came out of the other end of the meat grinder, they were blindsided (stupidly) by Google the beast they unleashed.  Agreed, Mark Cuban is a douche, a very wealthy one.

Remember Google was Yahoo's search provider and Yahoo let everyone know where the searches were coming from.  Soon enough we all just started going direct to Google, end of story.

Plus everything Google did was really so much better, examples are finance (somewhat debatable) and gmail.

 

 

Tue, 01/17/2012 - 23:59 | 2073347 chumbawamba
chumbawamba's picture

Unlike, say, Microsoft, Google won the market with superior technology.  I never really liked Yahoo!'s search.  I think I went from DEC's Alta Vista directly to Google once it became obvious it was the best engine out there, and it was all over.  Unfortunately, Google got coopted by the CIA and now they are big douchebags in their own right.  The problem with their "Don't Be Evil" slogan is it still implies being evil ("Don't, Be Evil").

But yeah, at some point Yahoo! just became irrelevant.  If you were going to be known as a search provider that has all these other nifty ancillary features, you still have to have a good search engine.  Yahoo!'s engine just wasn't that great.  End of story.

Anyway, Mark Cuban is indeed a douche.

And I am Chumbawamba.

Tue, 01/17/2012 - 18:45 | 2072576 Flesh Wound
Flesh Wound's picture

Wow I remember doing a search on yahoo before I even knew what the interwebs was! Thanks for reminding it still exists. Now I just have to wait 5 minutes and it should be forgotten again. Goldfish syndrome!

Tue, 01/17/2012 - 18:45 | 2072581 Hephasteus
Hephasteus's picture

Social media spying 1.0

Worked out details for mic'ing and camming people on yahoo chat.

Rewarded by being overly paid to post the most pathetic news content in the history of pathetic news content. Pure drivel shit propoganda.

Then came MySpace media spying 2.0

Then facebook became 3.0.

Tue, 01/17/2012 - 18:46 | 2072583 2discern
2discern's picture

ya who? Oh, email server, yeah I remember.

Tue, 01/17/2012 - 18:47 | 2072589 Long-John-Silver
Long-John-Silver's picture

Yahoo is still good for disposable e-mail accounts.

Tue, 01/17/2012 - 19:03 | 2072632 Flesh Wound
Flesh Wound's picture

True, I still have a yahoo email I created back 98 or 99. Probably should check it one of these days.. Still have my original icq number also!!

Wed, 01/18/2012 - 00:13 | 2073380 Hephasteus
Hephasteus's picture

Microsoft was "allowing" people to search for email bombing. I finally figured out a code that would get around them. They couldn't find me. Then microsoft kept shutting down your email account if you didn't access it every frikkin day.

Tue, 01/17/2012 - 19:41 | 2072730 gwar5
gwar5's picture

He shoulda sold at $33 years ago. Who needs the bullshit, life is too short.

 

Tue, 01/17/2012 - 19:42 | 2072732 gwar5
gwar5's picture

He shoulda sold at $33 years ago. Who needs the bullshit, life is too short.

 

Tue, 01/17/2012 - 19:44 | 2072737 Bansters-in-my-...
Bansters-in-my- feces's picture

Looks like Jerry took the "A" from YHOO CEO when he quit.

Tue, 01/17/2012 - 19:56 | 2072757 JuicedGamma
JuicedGamma's picture

It's too bad because Jerry is a truly nice guy.  Every year he went around giving everyone Christmas gifts (not sure how long ago that stopped if ever).

There is a time for everyone to move on, I think he stayed too long.   But what the heck he's still a billionnaire can't feel sorry for that.

 

Tue, 01/17/2012 - 20:36 | 2072826 non_anon
non_anon's picture

in all seriousness, who gives a flying fuck?

Tue, 01/17/2012 - 21:28 | 2072933 YesWeKahn
YesWeKahn's picture

Every single website is a yahoo!

Tue, 01/17/2012 - 23:52 | 2073337 Atomizer
Atomizer's picture

When you go IPO and don't sell the business to avoid antitrust law issues, you're a gem. Micro$hit just wants the Yahoo's Customer List/Email Accounts/IP Addy's/Pathetic Search Engine history results.

 

My Grandpa Warren once said, it's no different than buying a company in Israel…. After you have the customer list, you can resell those names to other advertising companies and sit back to collect the dough (residual income). After the stock plummets, let me tell you how we can make a killing off repackaging YAHOO debt obligations.. It’s a win/win situation. Humor!!

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