Yahoo has confirmed Ross Levinsohn is to leave the firm on Tuesday, two weeks after he lost out on the chief executive position to former Google executive Marissa Mayer.
Levinsohn joined Yahoo in October 2010 and was head of the company's global media division. He became Yahoo's interim chief executive in May, after it was revealed that Scott Thompson had lied on his CV.
Levinsohn will leave the company on 31 July and will receive the severance payments outlined in his 2010 offer letter. He will also receive an equity award of 67,000 redistricted stock units and 250,000 stock options worth over $5m.
"Ross has done a terrific job during his time at Yahoo. We wish him all the best," the firm said in a statement.
Before joining Yahoo as Levinsohn was a managing director for investment firm Fuse Capital. Prior to the role he worked as a president of Fox Interactive Media at News Corp.
His departure comes just weeks after Yahoo appointed Mayer, who is expected to do more on improving its current product set, rather than continue with the media strategy that Levinsohn favoured.
Yahoo confirmed Mayer as Thompson's successor on 17 July. Under the terms of her employment Mayer will make a base salary of $1m with incentives which could bring an additional $4m annually should the Yahoo meet certain performance benchmarks.
Other incentives will include a series of annual equity awards which will add up to $12m and another series of restricted stock units worth $14m and a one-time stock package worth $30m as a 'retention equity award.'