*Jerry Yang resigns from Yahoo

One of those end-of-an-era stories - and yet one that isn't that surprising. Yang is severing all ties to the company he founded 17 years ago. The announcement comes on the heels of the company naming Scott Thompson to replace Carol Bartz as chief executive. From the WSJ:

His departure comes as the Silicon Valley company is in the midst of a strategic review in which the board is deciding whether to shed some key Asian assets or bring in new private-equity backers. In a statement, Mr. Yang said "the time has come for me to pursue other interests outside of Yahoo."

From DealBook:

Mr. Yang, who co-founded Yahoo in 1995 with David Filo, has been a polarizing figure in Silicon Valley. During his brief tenure as its chief executive, from 2007 to 2009, he spurned a takeover offer from Microsoft worth $47.5 billion. Since that bid, made in 2008, Yahoo's stock has tumbled as it struggled to innovate against competitors like Google and Facebook. The company is now worth $19.1 billion, based on Tuesday's closing price.

From PaidContent:

It is a surprising move but only in its timing and its thoroughness. Activist shareholders have called for his resignation, concerned in part that Yang was on the board while he was exploring ways to take the company private. Yang also has stepped back before, resigning as CEO--but always keeing a connection. This time, Yang--aka the "Chief Yahoo"--is severing all ties with the company he and David Filo founded.

*From Kara Swisher at All Things Digital:

According to sources close to the situation, Yahoo Co-founder Jerry Yang is just the first shoe to drop in what is shaping up to be what looks like a large exodus of board members from the Silicon Valley Internet company. Sources said four other directors will also step down soon. As I wrote last week, in a post suggesting Yang might also go, the prime candidates to go appear to be: Chairman Roy Bostock, Arthur Kern, Vyomesh Joshi, and Gary Wilson.