by Wilfred Okiche

Jerry Yang, co-founder of Internet giant, Yahoo is leaving the company. He announced his surprise departure Tuesday, about two weeks after Yahoo Inc hired Scott Thompson as CEO.

Yang, 43, who has been on the company’s board since 1995 and was CEO from June, 2007 to January, 2009 also resigned from Yahoo’s board of directors was well as the boards of Yahoo Japan and China’s Alibaba group.

He wrote in a statement: ‘’My time at Yahoo, from it’s founding to the present, has encompassed some of the most exciting and rewarding experience in my life. However, the time has come for me to pursue other interests outside of Yahoo.’’

After the announcement, Yahoo shares which had been steadily declining, received a jump to $16.48 at the New York stock exchange.

For some time now, Yahoo has been struggling to compete with market leaders, Google and Facebook for online users and advertisers.