Cisco Says Yang to Exit as Director as Board Shrinks to 13
Cisco (CSCO) Systems Inc., the world’s biggest maker of computer-networking equipment, said Yahoo! Inc. (YHOO) co-founder Jerry Yang will retire from its board, reducing the number of directors to 13.
Yang, who left Yahoo’s board in January, is resigning to “more fully pursue new personal and business interests,” San Jose, California-based Cisco said today in a filing with the U.S. Securities and Exchange Commission.
The 43-year-old Web pioneer joined the board in 2000 near the height of the Internet and telecommunications bubble, when both Cisco and Yahoo were worth several times what they are today. Yang presided over slumping sales at Yahoo as users and advertisers gravitated to sites including Google Inc. and Facebook Inc. Growth has slowed at Cisco in the past two years amid increased competition and turmoil in Europe.
Yang won’t be replaced after the annual shareholders meeting on Nov. 15, Cisco said.
Cisco rose 0.4 percent to $19.12 at the close in New York. The stock has gained 5.8 percent in 2012 after dropping in four of the previous five years.
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