Jerry Yang announced his retirement from Yahoo Inc.
Jerry Yang who was slow in decision making and sticking with old ideas cited his decision to leave Yahoo to pursue other interests outside of Yahoo.
Yang owns 3.69 per cent of Yahoo's outstanding shares as of April and May 2011.
Shares of Yahoo gained 3 per cent in after-hours trade.
CEO Scott Thompson said in the announcement - "I am grateful for the support and warm welcome Jerry provided me in my early days here. His insights and perspective were invaluable, helping me to dig deeper - more quickly than I could have on my own - into some of the key elements of the company and how it operates.