Good riddance, good move, or both? Yahoo cofounder Jerry Yang has officially left the now struggling iconic website he helped start in 1995.
Yang had already resigned as CEO in 2008, after angering shareholders by turning down Microsoft's offer to buy the company for $45.7 billion. His departure and endorsement of former PayPal executive and new Yahoo CEO Scott Thompson is seen as an effort to appease shareholders. But despite setbacks, the company remains profitable and boasts an audience of 700 million people worldwide.
And don't feel too bad for Yang. Forbes Magazine recently estimated his worth at around $1 billion. Yahoo's stock price was also up after the announcement—so Yang and shareholders may be yelling “Yahoo” all the way to the bank.