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Yahoo Co-Founder Jerry Yang Resigns from Web Giant

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Cnet: Yahoo co-founder, former CEO and "Chief Yahoo" Jerry Wang has resigned from the company's board, as well as Yahoo Japan and Alibaba Group, Yahoo's Chinese partner. "The time has come for me to pursue other interests outside of Yahoo," Yang said in a press release. "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."

During Yang's time as CEO, the company experienced a 64 percent drop in net income, which led to nearly 2,500 layoffs. Yang also had the Yahoo helm when it decided to reject Microsoft's $44.6 billion bid to purchase the company, earning him the ire of investors.

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