In a recent announcement, Lenovo Group declared that Co-founder of Yahoo, Jerry Yang was to come aboard and provide services to its Lenovo’s board as an observer. This will be in lieu of the world’s No. 2 maker of PCs expanding its mobile business in order to tap the ever growing global demand for smartphones and tablets.
Yang has been the co-founder of the Yahoo venture which was launched in April 1995 and since then has been serving as the chief executive of the company. His term as a CEO began from June 2007 an ended in January 2009. Yang though, is not going to possess the authority to vote or have any of the other rights of a director anymore, according to Lenovo on Wednesday.
The company which originated in Hong Kong will have to pay Yang $61,875 per year and at the same time offer rights which will have a value of $135,000 that will be a return for attending the company’s board meetings and offering suggestions.
Aged 44, Yang resigned from Yahoo’s board last year when he had pulled out from the boards of Alibaba Group Holding and from that of Yahoo Japan.
Lenovo, which is the second largest smartphone manufacturer in China is planning on expanding its hold in the business.
In its October-to-December third quarter, Lenovo has till now shipped about 9.4 million phones which include 9 million smartphones and that too which have been circulated mainly in China.