Mr Yang founded the online company in 1995 with David Filo and was its chief executive from June 2007 until January 2009.
His resignation comes two weeks after the company hired former PayPal executive Scott Thomson to be its new chief executive.
Mr Yang annoyed some shareholders by turning down a $47.5bn (£31bn) takeover offer from Microsoft in 2008.he company's current market value is about $20bn.
Mr Yang has also resigned from the boards of Yahoo Japan and Alibaba Group and said in a statement: "The time has come for me to pursue other interests outside of Yahoo!".
He also expressed support for the company's current management
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