The exits will leave Yahoo's board with seven directors. PayPal co-founder Max Levchin, who was named a board member upon mutual agreement between the board and Third Point, will continue in his post. Yahoo said that the remaining directors will take a look at the board's size and composition. It did not say when, or if, any other board changes would be made The stock repurchased from Third Point will be part of Yahoo's previously announced $1.9 billion buyback program. Upon completion of the transaction, about $700 million will remain under the $5 billion repurchase authorization announced last year, Yahoo said in the statement. The board resignations are effective July 31, Yahoo said.