Yahoo! announced earlier this afternoon that Jerry Yang, a co-founder and former CEO of the Internet company, has resigned from its Board of Directors and all other positions at the company. Alongside that, Yang also resigned from the Boards of Yahoo Japan Corporation and Alibaba Group Holding Limited. All resignations are effective immediately. 

Yang issued the following statement to Yahoo's Board:

“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.”

Yang co-founded Yahoo! in 1995 with David Filo and has been a member of its Board of Directors since March 1995. He also served as the company's CEO from 2007 to 2009.