Yahoo! Announces Resignation of Jerry Yang
SUNNYVALE, Calif.--(BUSINESS WIRE)--
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."
About Yahoo!
Yahoo! is the premier digital media company, creating deeply personal
digital experiences that keep more than half a billion people connected
to what matters most to them, across devices and around the globe. And
Yahoo!'s unique combination of Science + Art + Scale connects
advertisers to the consumers who build their businesses. Yahoo! is
headquartered in Sunnyvale, California. For more information, visit the
pressroom (pressroom.yahoo.net)
or the company's blog, Yodel Anecdotal (yodel.yahoo.com).
Yahoo! is the trademark and/or registered trademark of Yahoo! Inc. All
other names are trademarks and/or registered trademarks of their
respective owners.
Forward Looking Statements
This press release contains forward-looking statements (including
without limitation the quotations from our Chairman and management)
concerning Yahoo!'s future management, strategic plans, growth
opportunities and performance. Risks and uncertainties may cause actual
results to differ materially from the results predicted. The potential
risks and uncertainties include, among others, the impact of management
and organizational changes; the implementation and results of any
strategic plans as well as Yahoo!'s ongoing strategic and cost
initiatives; Yahoo!'s ability to compete with new or existing
competitors; reduction in spending by, or loss of, advertising
customers; the demand by customers for Yahoo!'s premium services;
interruptions or delays in the provision of Yahoo!'s services; security
breaches; acceptance by users of new products and services; risks
related to joint ventures and the integration of acquisitions; risks
related to Yahoo!'s international operations; failure to manage growth
and diversification; adverse results in litigation, including
intellectual property infringement claims and recent derivative and
class actions related to Alipay; Yahoo!'s ability to protect its
intellectual property and the value of its brands; dependence on key
personnel; dependence on third parties for technology, services,
content, and distribution; general economic conditions and changes in
economic conditions; transition and implementation risks associated with
the Search Agreement with Microsoft Corporation; and risks that the
benefits of the Framework Agreement Yahoo! entered into with Alibaba
Group, Softbank Corporation and certain other parties regarding Alipay
may not be realized. All information set forth in this press release and
its attachments is as of January 17, 2012. Yahoo! does not intend, and
undertakes no duty, to update this information to reflect subsequent
events or circumstances. More information about potential factors that
could affect Yahoo!'s business and financial results is included under
the captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Yahoo!'s Annual Report
on Form 10-K for the fiscal year ended December 31, 2010, and the
Quarterly Report on Form 10-Q for the quarter ended September 30, 2011,
which are on file with the Securities and Exchange Commission ("SEC")
and available at the SEC's website at www.sec.gov.
Media Relations:
Kekst and Company
Eric Berman, (212)
521-4894
or
Lissa Perlman, (212) 521-4830
or
Investor
Relations:
Yahoo!
Marta Nichols, (408) 349-3527
Source: Yahoo! Inc.
News Provided by Acquire Media
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