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User:MaryGaulke/sandbox/Jerry Yang

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Jerry Yang
楊致遠
Jerry Yang in 2007
Born (1968-11-06) November 6, 1968 (age 56)
Taipei, Taiwan
Alma materStanford University
Occupation(s)Founding Partner, AME Cloud Ventures.[1]
SpouseAkiko Yamazaki (Japanese)

Jerry Yang (born November 6, 1968) is a Taiwanese-born American internet entrepreneur, engineer, and the co-founder and former CEO of Yahoo! Inc.[4]

Early life

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Yang was born in Taipei, Taiwan, on November 6, 1968, and moved to San Jose, California, at the age of ten with his mother and younger brother.[5] He claimed that despite his mother being an English teacher, he only knew one English word ("shoe") on his arrival. Becoming fluent in the language in three years, he was then placed into an Advanced Placement English class.[6]

Yang graduated from Sierramont Middle School and Piedmont Hills High School in San Jose and went on to earn a Bachelor of Science and a Master of Science in electrical engineering from Stanford University, where he was a member of Phi Kappa Psi fraternity.[7][8]

Career

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Founding of Yahoo

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While studying at Stanford in 1994, Yang and David Filo co-created an Internet website called "Jerry and David's Guide to the World Wide Web," which consisted of a directory of other websites. It was renamed "Yahoo!" (an exclamation). Yahoo! became very popular, and Yang and Filo realized the business potential and co-founded Yahoo! Inc. in April 1995.[5][9] They took leaves of absence and postponed their doctoral programs indefinitely.

Yahoo! started off as a web portal with a directory providing an extensive range of products and services for online activities. It is now one of the leading internet brands and, due to partnerships with telecommunications firms, has the most trafficked network on the internet.[citation needed] In 1999, Yang was named to the MIT Technology Review TR100 as one of the top 100 innovators in the world under the age of 35.[10]

Shi Tao arrest controversy and creation of Yahoo! Human Rights Fund

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In 2005, several human rights groups criticized Yang for a statement regarding the role of Yahoo! in the arrest of Chinese journalist Shi Tao by Chinese authorities.

While in China, Shi Tao used a Yahoo email address to notify a pro-democracy website that the Chinese government ordered the Chinese media not to cover the fifteenth anniversary of the Tiananmen Square Protests of 1989 on June 4. Yahoo! provided the Chinese security agencies with the IP addresses of the senders, the recipients and the time of the message. Tao was subsequently convicted for "divulging state secrets abroad." In response, Reporters Without Borders called Yahoo! "a Chinese police informant" whose actions led to the conviction of a journalist and writer.

Yang declared, "To be doing business in China, or anywhere else in the world, we have to comply with local law[s]." This was controversial, as critics claimed Yahoo! violated international law as well as a 1989 decision by the U.S. Congress to prohibit U.S. companies from selling "crime control and detection" equipment or software to the Chinese Government.[11]

The New York Times reported that political prisoner Wang Xiaoning and other journalists had brought a civil suit against Yahoo! for allegedly aiding and abetting the Chinese government which, it was claimed, resulted in torture that included beatings and imprisonment.[12]

In October 2007, Yang was summoned to Washington to answer for Yahoo's comments regarding its role in the arrests of Shi Tao and other journalists in China.[13][14]

On November 14, 2007, Yahoo agreed to settle with affected Chinese dissidents, paying them undisclosed compensation. Yang stated, "After meeting with the families, it was clear to me what we had to do to make this right for them, for Yahoo, and for the future."

Jerry Yang wrote a letter to then-Secretary of State Condoleezza Rice requesting her assistance in freeing the jailed dissidents.[15] In addition, Yang established the Yahoo! Human Rights Fund, a fund to provide "humanitarian and legal support" to online dissidents.[16] One of the first public projects of the fund was financing the establishment of the Laogai Museum, a museum opened by noted Chinese dissident Harry Wu to showcase China's laogai penal system.[17]

This change of heart did not stop the chain of events that began with the arrest of jailed dissident Li Zhi, which resulted in another lawsuit being filed against Yahoo! on behalf of Plaintiffs Zheng Cunzhu and Guo Quan, who alleged the loss of property and a garment business. The complaint alleges "violation of international law including torture and prolonged detention, as well as unfair business practices, intentional infliction of emotional distress, false imprisonment and assault."[18] [needs update]

Investment in Alibaba

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Yang met Alibaba founder Jack Ma in 1997 during Yang’s first trip to China. Ma, a government-employed tour guide and former English teacher, gave Yang a tour of the Great Wall of China. The two hit it off and discussed the growth of the Web, and Ma created Alibaba several months later. A 1997 photo of Yang and Ma at the Great Wall still hangs on the wall in Alibaba’s Hangzhou office.[5]

In 2005, under Yang’s direction, Yahoo! purchased a 40% stake in Alibaba for $1 billion plus the assets of Yahoo! China, valued at $700 million.[5] In 2012, Yahoo sold a portion of its stake in Alibaba for $7.6 billion.[19] The company made an additional $9.4 billion in Alibaba’s 2014 IPO.[20] Eric Jackson, the founder of hedge fund Ironfire Capital, called Yahoo’s investment in Alibaba “the best investment an American company has ever made in China,” and stated, “Jerry deserves enormous credit for that.”[19]

Microsoft acquisition attempt

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As CEO, Yang rejected a hostile takeover offer from Microsoft in May 2008. Microsoft wanted to purchase Yahoo! to increase its market share and compete more effectively against Google in online search and advertising. During negotiations with Microsoft CEO Steve Ballmer, Yang threatened to make the takeover as difficult as possible unless Microsoft raised the price to US$37 per share. One Microsoft executive commented, "They are going to burn the furniture if we go hostile. They are going to destroy the place" (possibly a reference to Yahoo!'s shareholders rights plan that had been in place since 2001).[21] Analysts suggested that Microsoft's raised offer of US$33 per share that would have valued Yahoo! at $44.6 billion was already too expensive, and that Yang was not bargaining in good faith. Yahoo's stock price plunged after Microsoft withdrew the bid. Yang and board chairman Roy Bostock were strongly criticized by investors for their handling of negotiations, which later led to several shareholder lawsuits and an aborted proxy fight from Carl Icahn.[22][23]

Yang's response to the Microsoft takeover was to make a commercial search advertising arrangement with Google, but negotiations ended after U.S. authorities voiced concerns regarding the effect on competition in the market. [citation needed]

Departure from Yahoo!

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As CEO from June 2007 to January 2009, Yang received criticism from many investors, including Carl Icahn, for rejecting the Microsoft takeover and for failing to increase revenues and stock price. Meanwhile, an exodus of executives occurred. [24] On November 17, 2008, The Wall Street Journal reported Jerry Yang would step down as CEO as soon as the company found a replacement. [25]

On January 13, 2009, Yahoo! named Silicon Valley veteran Carol Bartz as its new chief executive, effectively replacing Yang.[26] Yang regained his former position as "Chief Yahoo" and remained on Yahoo's board of directors.[27]

On January 17, 2012, Yahoo! announced that Jerry Yang would be leaving the company, and would be resigning from the board and all other positions at the company. The company also announced his resignation from the boards of Yahoo! Japan and Alibaba Corp.[28]

AME Cloud Ventures

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After leaving Yahoo! Yang became a mentor to technology startups and an investor, founding the firm AME Cloud Ventures in 2012.[5][1][29][30] AME (pronounced “ah-meh”) has provided funding to more than 50 startups, including Tango, Evernote, Wattpad and Chinese travel site Shijiebang. "Ame" means “rain” in Japanese, a nod to Yang’s interest in cloud computing.[5]

Board seats

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Personal life

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Yang is married to Akiko Yamazaki, a Japanese woman who was raised in Costa Rica. Yamazaki graduated from Stanford University with a degree in industrial engineering and is a director with the Wildlife Conservation Network. The couple met at Stanford University in the Kyoto overseas program in 1992.[32]

Philanthropy

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Stanford University

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In February 2007, Jerry Yang and his wife gave $75 million to Stanford University, their alma mater. The bulk of the donation went to building the "Jerry Yang and Akiko Yamazaki Environment and Energy Building," a multi-disciplinary research, teaching and lab building, the first to be realized on Stanford's new Science and Engineering Quad.[32][34]

Chinese calligraphy

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In late 2012 and early 2013, San Francisco's Asian Art Museum exhibited selections from the Chinese calligraphy collection belonging to Yang and his wife. Yang began the collection in the late 1990s; it contains about 250 pieces.[35] These selections also appeared at the Metropolitan Museum of Art in the 2014 exhibition “Out of Character: Decoding Chinese Calligraphy.” In his foreword to the show’s catalog, Yang described Chinese calligraphy as a social form of art.[36]

References

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  1. ^ a b c d e f Brian Womack for Bloomberg News 11 Sept, 2014 Yahoo’s Yang Is Back Playing Alibaba-Board Power Broker
  2. ^ Profile of Jerry Yang. Forbes.com (2011-03-29). Retrieved on 2012-01-09.
  3. ^ "#869 Jerry Yang - Forbes.com". Forbes.
  4. ^ "Jerry Yang - Forbes". forbes.com. Retrieved 31 October 2012.
  5. ^ a b c d e f Parmy Olson for Forbes. 30 September 2014 Finding Alibaba: How Jerry Yang Made The Most Lucrative Bet In Silicon Valley History
  6. ^ Schlender, Brent (2000-03-06). "How A Virtuoso Plays The Web Eclectic, inquisitive, and academic, Yahoo's Jerry Yang reinvents the role of the entrepreneur". Fortune. Cable News Network. Retrieved 2008-11-08.
  7. ^ Jerry Yang | Career Biographies career-bios.com. Retrieved July 13, 2011.
  8. ^ Phi Kappa Psi Mass Beta – Famous Phi Psi's Phi Kappa Psi Massachusetts Beta. Retrieved July 13, 2011.
  9. ^ Yahoo! Inc. – Company History. yhoo.client.shareholder.com
  10. ^ "1999 Young Innovators Under 35: Jerry Yang, 29". Technology Review. 1999. Retrieved August 14, 2011.
  11. ^ Xue Li: Human Rights Lawyer Questions Yahoo!'s Aid to China in Arresting a Journalist, Epoch Times, Sep 23, 2005
    Obeying Orders, Washington Post, September 18, 2005
  12. ^ Chinese political prisoner sues in U.S. court, New York Times, April 18, 2007
    Chinese political
  13. ^ Yahoo summoned to Washington over Chinese arrests, c/net news blog, October 16, 2007
  14. ^ Boudreau, John (2007-11-07). "Lawmaker scolds Yahoo: 'Morally you are pygmies'". Mercury News. Retrieved 2007-11-14.
  15. ^ "Rice presses China on jailed dissidents". International Herald Tribune. 2007-02-27. Retrieved 2007-02-27.
  16. ^ "Press Release: Yahoo! Inc Reaches Settlement On Lawsuit Works To Establish Human Rights Fund". Yahoo!. Retrieved 12 December 2008.
  17. ^ Fowler, Geoffrey A (12 November 2008). "Yahoo-Sponsored Chinese Human Rights Museum Opens in Washington". The Wall Street Journal. Retrieved 12 December 2008.
  18. ^ Mills, Elinor (2007-02-27). "Yahoo sued by jailed dissidents again". CNET News. Retrieved 2007-02-27.
  19. ^ a b Helft, Miguel (18 September 2014). "Jerry Yang: The most successful American investor in China?". Fortune. Time, Inc. Retrieved 5 January 2015.
  20. ^ Novellino, Teresa (1 October 2014). "Inside Jerry Yang's wild bet on Alibaba and Jack Ma". Upstart Business Journal. American City Business Journals. Retrieved 5 January 2015.
  21. ^ "Yahoo weighs up options". Financial Times. Retrieved 2008-02-03. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  22. ^ "Microsoft Withdraws Proposal to Acquire Yahoo!". Microsoft. Retrieved 2008-05-03. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  23. ^ Lohr, Steve (2008-05-05). "Microsoft's Failed Yahoo Bid Risks Online Growth". New York Times. Retrieved 2008-05-06. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  24. ^ [1][dead link‍]
  25. ^ Yang to Step Down as Yahoo CEO, The Wall Street Journal, November 18, 2008
  26. ^ Yahoo names new chief executive, BBC News, January 14, 2009
  27. ^ Michael Liedtke (2008-11-18). "Yahoo! to Replace Yang as CEO". TheStreet.com. Retrieved 2009-09-11.
  28. ^ Yahoo announces resignation of Jerry Yang, ‘’Marketwatch News, January 17, 2012
  29. ^ "Jerry Yang Is Back (And Investing More Than Ever)," Wall Street Journal, March 19, 2013
  30. ^ "Jerry Yang's Next Act: Startup Investor and Mentor," Mashable, March 5, 2013
  31. ^ John Chambers for Cisco Blogs. September 19, 2012 Jerry Yang to Retire from Cisco’s Board
  32. ^ a b c Shwartz, Mark (15 February 2007). "Alumni couple Jerry Yang, co-founder of Yahoo!, and Akiko Yamazaki pledge $75 million to alma mater". Stanford University News Service. Retrieved 5 January 2015.
  33. ^ "Stanford Engineering Heroes: Jerry Yang". Stanford University. Retrieved 5 January 2015.
  34. ^ Hennessy outlines ‘green’ building plans. News-service.stanford.edu (2008-09-10). Retrieved on 2012-01-09.
  35. ^ Seno, Alexandra A. (12 October 2012). "Worthy Characters". The Wall Street Journal. Retrieved 5 January 2015.
  36. ^ Rosenberg, Karen (19 June 2014). "A Calligraphic Answer to 'I Like This'". The New York Times. Retrieved 5 January 2015.
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Business positions
Preceded by Chief Executive Officer of Yahoo!
2007–2009 		Succeeded by
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