: 15.43, -0.05, -0.32%) disclosed late Tuesday the resignation of co-founder Jerry Yang, raising the hopes of investors for a sale of the struggling Internet company’s Asian assets.
The surprise exit by Yang, who started the Sunnyvale, Calif.-based company in 1995, sent its stock jumping more than 4% in after-hours trading.
In addition to stepping down as a director from Yahoo!, Yang is resigning from the boards of Yahoo! Japan and Alibaba Group effective immediately.
“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!,” Yang said in a statement.
The news raised the prospects of Yahoo! unloading its stakes in its Asian assets, a move that Yang had reportedly been reluctant to make.
Shares of Yahoo! rallied 4.02% to $16.05 in late trading. The rally could help erase a 4% decline in the company’s stock so far this month.
“Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service,” said Yahoo! Chairman Roy Bostock. “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.”