Yahoo! Trading Higher Following Co-Founder's Resignation

Yahoo!

is trading higher in pre-market following last night's announcement that the company's co-founder, Jerry Yang, will resign. Yang and David Filo founded Yahoo in 1995 and the company went public in 1996. Jerry Yang wrote in the resignation letter that “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! As I leave the company I co-founded nearly 17 years ago, I am enthusiastic about the appointment of Scott Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.” Yahoo! is currently trading at $15.90 in pre-market, which is a gain of $0.47 or 3.05%.