Yahoo co-founder Jerry Yang resigned from the company in a surprise announcement on Tuesday afternoon. The unexpected move comes just two weeks after the struggling company hired Scott Thompson, formerly of PayPal, as its new CEO. Yang is giving up his title as “chief Yahoo” and stepping down from the company’s board of directors, of which he’s been a member since helping to found the company in 1995. In 2008, Yang controversially declined a US$47.5 billion takeover offer by Microsoft. Yahoo is currently negotiating the sale of its stakes in China’s Alibaba Group and Yahoo Japan.