Jeff Weiner, a top Yahoo executive, has left the company to join Accel Partners and Greylock Partners, the venture firms said on Monday.
Weiner will hold the title of "executive in residence" at both firms. The appointment takes effect in early September.
Weiner is the latest in a series of veteran employees to leave Yahoo since Microsoft made public its offer to buy the Web pioneer in February.
Yahoo is now embroiled in a proxy battle with billionaire investor Carl Icahn, who in May launched a campaign to replace the company's board after Microsoft's bid to acquire it failed.
Weiner will advise leadership at consumer technology companies now in the portfolio of Accel and Greylock and will also evaluate new investments, the firms said in a statement.
Social network Facebook is among the start-ups Accel and Greylock have invested in.
Weiner held leadership roles at Yahoo for the past seven years, most recently as executive vice president of Yahoo's Network Division.
Before working in Yahoo's network division, Weiner was part of a team that directed the acquisition and integration of Inktomi, AltaVista and FAST and the development of Yahoo's search technology, the VC firms said.
Weiner will divide his time equally between the Accel and Greylock Silicon Valley offices, the firms said.
Yahoo last week signed a Web search advertising deal with Google after talks with Microsoft broke down. The news sent Yahoo shares tumbling more than 10 percent that day.
Shares of Yahoo rose 7 cents to close at $23.54 on Monday.
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