The wave of departures from Yahoo continues with Flickr’s cofounders Caterina Fake and Steward Butterfield. Mrs. Fake officially left last Friday and Mr. Butterfield, who will terminate his affairs with the company on July 12, explained in his resignation letter that Yahoo has expanded way beyond its initial production target and at this point his contribution seems dispensable. His attributions as general manager will be assumed by Kakul Srivastava, Flickr’s director of product management.

Flickr was heavily endorsed by Yahoo, especially by last year’s shut down of the Yahoo Photos application.

The photo-sharing Web site was created by the two back in 2004 and soon became one of the most popular photo-sharing pages on the Web. Its rapid development and significant notoriety let to its purchase by Yahoo in March 2005 for an astonishing $35 million.

Yahoo released a statement confirming the departures and saying that both Mrs. Fake and Mr. Butterfield have brought extraordinary contributions to the company over the years and that their work has been greatly appreciated. Also the company’s officials wished the couple all the best on their upcoming projects.

The announcement follows a long list of departures which include Jeff Weiner, the executive vice president of Yahoo’s network division, Usama Fayyad, chief data officer and executive vice president of research and strategic data solutions, veteran developer Jeremy Zawodny, Bradley Horowitz, head of Yahoo’s advanced technology division, Salim Ismail, head of Yahoo Brockhouse, Ian Rogers, vice president of Yahoo Music, Jeff Bonforte, vice president of social search and also Matthew Berardo, Senior Director of International Business and Product Management.