Yahoo! Co-Founder Jerry Yang Joins The Lenovo Board of Directors
Yahoo co-founder Jerry Yang resigned from his position as CEO of the company last year and now he will be an “observer” on Lenovo’s board of directors. He will be making nearly $200,000 in equity and cash as a board member of Lenovo. He will not have any voting or exercise rights as a director though. He will be asked to attend board meetings and provide his views. Yang co-founded Yahoo! in April 1995 and he was CEO of the company from June 2007 to January 2009.
Yang also left the boards of Alibaba Group and Yahoo! Japan last year. Yang was pressured from Yahoo! shareholders to pump up the company’s performance while competing heavily against companies like Google and Facebook.
“Jerry’s appointment as an observer to our board furthers Lenovo’s reputation as a transparent international company,” stated Lenovo CEO Yang Yuanqing. “As Lenovo continues to build on its momentum and establish itself as a global technology leader, Jerry’s perspective, experience and proven entrepreneurial spirit will help us continue to drive growth and expand our business.”
Yang will be paid a cash fee of $61,875 and equity rights of the company worth $135,000 annually. Lenovo has around 11 board members and 7 of them are foreigners. This past January, Lenovo named ARM Holdings PLC President Tudor Brown as an independent nonexecutive director. Former Sony chairman and group CEO Nobuyuki Idei was named an independent nonexecutive director in September 2011.