Source: Bloomberg News | 2013-2-21 | NEWSPAPER EDITION
LENOVO Group Ltd, the world's second-biggest maker of personal computers, said Yahoo! Inc co-founder Jerry Yang will join the board of directors as an observer amid its expansion into smartphones and tablets.
Yang, 44, will attend board meetings to share his "experience and perspective as an Internet and technology pioneer," Beijing-based Lenovo said in a statement yesterday. He will not have the power to vote at any board meeting and may not exercise any other rights of a director.
"Jerry's perspective, experience and proven entrepreneurial spirit will help us continue to drive growth and expand our business," Lenovo CEO Yang Yuanqing said in the e-mailed statement.
After co-founding Yahoo with David Filo in 1995 as doctoral students at Stanford University, Jerry Yang helped build it into the world's most popular website. Yahoo lost its luster in recent years as it ceded share to Google Inc. Yang served as Yahoo's chief executive from June 2007 to January 2009, and also served as a director on its board until January 17, 2012.
Jerry Yang and Yang Yuanqing were both unavailable for additional comment, Angela Lee, a Beijing-based spokeswoman for Lenovo, said in an e-mail.
Lenovo will pay Jerry Yang a cash fee of US$61,875 and offer rights to equity in the company with a value of US$135,000 annually, it said in a statement to the Hong Kong stock exchange.