Asa Mathat D: All Things Digital
Max Levchin.
CNBC reports that Levchin has resigned from Yahoo's board effective immediately "due to other commitments" and it was "not due to any disagreement."
Levchin cofounded PayPal in 2008 and served as its CTO. He also helped start Yelp, and invested in Evernote. Levchin is a respected name in Silicon Valley, and his presence on Yahoo's board was a big endorsement of the company.
Levchin joined the Yahoo board in 2012 at the suggestion of hedge fund manager Daniel Loeb. The departure now means that all of Loeb's suggestions for the board, Levchin, Loeb himself, Harry J. Wilson, and Michael J. Wolf, have all left.
Levchin worked with Yahoo CEO Marissa Mayer at Google when his media-sharing startup Slide was acquired by the company for $182 million (£120 million) in 2010. He left the company a year later after Google announced it was shutting down his service.
The news of Levchin's departure follows the announcement that Yahoo had decided not to spin off its stake in Alibaba. Shareholders had been concerned that the spinoff could have incurred billions in dollars in taxes.