Another drab quarter makes it plain: the only thing keeping the wolves from starting to bay for change is Yahoo's ownership position in Alibaba.
Yang infamously turned down a $31 a share, or $44.6 billion, offer from Microsoft. He should have left 10 minutes after screwing that Microsoft deal up.
Here's the full text of Yahoo's press release announcing co-founder Jerry Yang's resignation.
The move comes two weeks after Yahoo hired Scott Thompson as chief executive. Yang praised that hire and said only that it was time to move on.
Restoring the fortunes of the pioneering Internet company takes a lot more than ejecting a high-profile executive. The rank and file, too, are key to Yahoo's fate.
It's easy to dismiss him for blowing the Microsoft deal, but credit a legendary tech pioneer for a record of accomplishment
Hedge fund Third Point cites Jerry Yang's "ineptitude in dealing with the Microsoft negotiations to purchase the company in 2008" and says fund is against a "sweetheart" deal that would sell Yahoo to private equity firms, The Wall Street Journal reports.
The Yahoo co-founder is interested in a deal with private equity firms, according to Reuters, though talks have only been informal to this point.
update In memo obtained by Silicon Alley Insider, Yang appears to confirm what many people have been reporting for a while. And interim CEO Tim Morse provides a follow-up in a second e-mail.
It was a rough 17 months for Jerry Yang as Yahoo's chief executive. Here's a chronology of the Internet pioneer's tenure at the top.