Yahoo's founder leaves company paving way for possible sale
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Jerry Yang, the founder of Yahoo, is leaving the company that he founded in his university dorm room 17 years ago, it was announced last night.
The departure of its talismanic founder comes as Yahoo examines big changes to its strategy, in the wake of its declining influence and poor share-price performance. Mr Yang is "a visionary and a pioneer", the company's chairman Roy Bostock said in a glowing tribute. But the departure was cheered by the stock market, which sent Yahoo shares up almost 4 per cent in after-hours trading.
Speculators are betting that Mr Yang's exit paves the way for a restructuring or even a sale of the company. Rebel shareholders have been calling for board changes, claiming that current directors – Mr Yang and Mr Bostock in particular – have stood in the way of changes that would unlock shareholder value.
Yahoo began life as "Jerry and David's Guide to the World Wide Web" when it was created by Mr Yang and his Stanford University friend David Filo in 1994. It grew into one of the most important gateways to the internet for 700 million users, spanning websites, search engines and email. But its power and profitability has been eclipsed by Google and, more recently, Facebook.
Earlier this month, Yahoo appointed a new chief executive, Scott Thompson from PayPal, and it has been entertaining bids for a minority stake in the company from at least two consortiums of investors, including private-equity firms and Yahoo's rival, Microsoft.
Mr Yang said: "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."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments