Yahoo! Inc. (NASDAQ: YHOO) is surging in the after-hours session on news which many investors have been hoping would come for years. Jerry Yang has finally resigned from Yahoo! The resignation says that Yang is now off of the board of directors and as of today is now out of all other positions in the company. Here is what is going to drive interest in the company’s ability to monetize its Asian assets: Yang has also resigned from the boards of Yahoo! Japan and from Alibaba Group Holding Limited with an effective date of today.
As far as how this matters, it is twofold… Yahoo! is barely half of its market value today compared to when Microsoft Corporation (NASDAQ: MSFT) made its buyout offer. Jerry Yang’s role in that acquisition at the time was “Chief Reality Blocker.” By resigning from the boards of Alibaba and Yahoo! Japan, now the company will be better able to monetize those assets.
This is classified as a resignation. In reality this is a force-out. Needless to say, many investors are going to be glad to see Jerry Yang out of the way. Very, Very Glad!
We have been curious as to why Cisco Systems Inc. (NASDAQ: CSCO) has kept Jerry Yang on its board of directors as a non-employee director.
Yahoo! shares closed down 0.3% at $15.43 on Tuesday and shares are up 3.3% at $15.95 in the after-hours session.
JON C. OGG
Top Gaining Stocks
Top Losing Stocks