Jerry Yang, Yahoo co-founder and former CEO has announced his resignation from the company he had founded in 1995.

Former Yahoo CEO and co-founder Jerry Yang has announced on Tuesday that he is leaving the company and would no longer be a part of the company. Yang is leaving the company’s board of directors as well as all other positions within the company effective. He is is also resigning from the boards of Yahoo Japan and Alibaba Group Holdings. Yang’s abrupt departure comes two weeks after Yahoo appointed Scott Thompson as its new CEO

Yang founded the company with David Filo in 1995. He served as the CEO of the company from June 2007 to January 2009. Company went public in 1996.

In a letter to the Yahoo! Board Chairman Roy Bostock, Yang wrote, “My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life. However, the time has come for me to pursue other interests outside of Yahoo! As I leave the company I co-founded nearly 17 years ago, I am enthusiastic about the appointment of Scott Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.”

“Jerry Yang is a visionary and a pioneer, who has contributed enormously to Yahoo! during his many years of service,” said Roy Bostock, Chairman of the Yahoo! Board. “It has been a pleasure to work with Jerry. His unique strategic insights have been invaluable. He has always remained focused on the best interests of Yahoo!’s stakeholders, including shareholders, employees and more than 700 million users. And while I and the entire Board respect his decision, we will miss his remarkable perspective, vision and wise counsel. On behalf of the Board, we thank Jerry and wish him all the very best in his future endeavors.”

Read The full Press release