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(Pocket-lint) - After 17 years building up one of the largest web-based companies, co-founder of Yahoo, Jerry Yang is resigning from the board.

Yahoo was founded 1995 by Yang and David Filo, and for years saw huge growth as it came to dominate the web, however despite a revenue peak in 2007 things haven't been so rosy for the company in the post-Facebook era.

Yang's attempts to revitalise the company came to a head in 2008 when he refused a takeover bid by Microsoft worth £31 billion, a decision that has come to haunt the ex-chief executive as the company is now estimated to have a worth of £20 billion.

It has also been said that Yang has been instrumental in blocking a whole host of restructuring plans designed to get the, admittedly still huge, company firing on all cylinders; so although sad in some respects it could be the start of the revitalisation of Yahoo.

This revitalisation could possibly come from a new deal, or indeed, some much-needed restructuring. The resignation of such a key figure as Yang, who clearly has an emotional tie with the company, could spawn not only innovation but a degree of detachment and objectivity that is often required if a company is going to make sensible decisions.

In a statement Yang said that: "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."

Writing by Ben Crompton.