Yahoo announced on Tuesday that Jerry Yang, a co-founder and board member, had stepped down from the board effective immediately. He has also resigned from theboards of Yahoo Japan and the Alibaba Group.

Yahoo, which recently appointed a new chief executive, did not fully explain Mr. Yang’s abrupt departure, but the board has wrestled with several issues in recent months, including a possible sale of its Asian assets and the company’s strategic direction. 

Mr. Yang wrote: “The time has come for me to pursue other interests outside of Yahoo.” He also expressed his confidence in the new chief, Scott Thompson, and the rest of the management team.

Shares of Yahoo jumped more than 4 percent in after-hours trading to more than $16 a share, immediately following the announcement.
Yahoo’s statement

“Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service,” Mr. Bostock, said in a statement. “And while I and the entire Board respect his decision, we will miss his remarkable perspective, vision and wise counsel.”

Mr. Yang, who co-founded the Internet company in 1995 with David Filo, has been a polarizing figure in Silicon Valley — and in Yahoo’s board room. During his brief tenure as its chief executive, from 2007 to 2009, he spurned a takeover offer from Microsoft worth $47.5 billion. 

Since that bid, made in 2008, Yahoo’s stock has tumbled as it struggled to innovate against competitors like Google and Facebook. The company is now worth $19.1 billion, based on Tuesday’s closing price.

This article was taken from dealbook.nytimes.com