Max Levchin has resigned from Yahoo's board of directors, the company announced in a filing with the Securities and Exchange Commission Wednesday.

Levchin was a co-founder of PayPal and Slide, and resigned Dec. 4 due to his “other professional commitments and demands on his time, and not due to any disagreement with Yahoo on any matter related to Yahoo’s operations, policies or practices,” the filing said.

A serial entrepreneur who helped to launch tech companies such as PayPal and Yelp, Levchin is a well-regarded figure in Silicon Valley and his presence on Yahoo’s board was a strong endorsement of the tech corporation. He worked with Yahoo’s CEO Marissa Mayer when she was at Google.

News of Levchin's departure follows reports that Yahoo will not spin off its shares of Chinese e-commerce giant Alibaba and instead is discussing a sale of its core Web search business.