Jerry Yang, the co-founder of Yahoo Inc, is putting his deep ties to Alibaba Group to work as the Chinese e-commerce giant prepares to go public this month, Bloomberg News reported.
Yang, who was born in Taiwan and speaks Mandarin, previously served on Alibaba’s board for six years before stepping down in 2012.
He will rejoin an expanded nine-member board after Alibaba’s initial public offering, the report noted.
“Jerry Yang is one of the great innovators of our time and he brings important expertise and experience to our company,” Jim Wilkinson, a senior vice president at Alibaba, was quoted as saying.
Yang is said to have paved way for Alibaba to invest US$215 million in US messaging startup TangoMe Inc. this year.
Alibaba began its IPO roadshow this week. The company, which is seeking a valuation of as much as US$162.7 billion, is due to price the shares on Sept. 18 ahead of a New York listing.
When Alibaba goes public, Yahoo will sell as much as 140 million shares of the Chinese firm, or about a quarter of its holdings, potentially reaping US$8 billion or more, the report noted.
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