In a regulatory filing with the Securities Exchange Commission of the US yesterday, the company said that Levinsohn will leave the company effective July 31, 2012.
The announcement comes after Levinsohn was overlooked for the position of CEO and Marissa Mayer was appointed at the top position.
Levinsohn took over as interim CEO in May this year after Scott Thompson quit over charges of manipulating his resume.
Prior to his appointment as an interim CEO, Levinsohn was Yahoo!'s Executive Vice President of Americas and then Head of Global Media and Executive Vice President at the company.
As part of his compensation, the company is giving Levinsohn 67,000 shares of restricted stock. The deal also includes 250,000 stock options with an exercise price USD 15.80 apiece and a cash severance benefit equal to Levinsohn
