Yahoo co-founder Jerry Yang has stepped down from the company he built with co-founder David Filo in 1995.

Yang has also said that he would leave the boards of Yahoo Japan Corp. and Alibaba Group Holding Ltd., in which Yahoo owns significant stakes.

According to the Wall Street Journal, Yang is leaving Yahoo, after the company hired a new chief executive, Scott Thompson, the former president of eBay Inc.’s PayPal unit.

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.”

What does this mean for Yahoo?

[via Los Angeles Times]


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