Loeb's hedge fund, Third Point, is also selling 40 million shares of Yahoo back to Yahoo.
Third Point will hang onto another 20 million shares, a stake representing less than 2% of Yahoo stock.
The resignations mark the end of an incredibly triumphant story for Loeb.
Loeb, Wolf and Wilson joined the Yahoo board in May 2012 after Third Point settled a long proxy fight against Yahoo's previous board of directors.
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