Ellen Hancock, one of the few top female leaders in the Internet space, yesterday resigned as chairman and chief executive from managed hosting services provider Exodus Communications.

Hancock’s resignation was a “mutual decision” between the board of directors and Hancock, a company spokeswoman said.

L. William Krause, a member of Exodus’ board of directors since June 2000, is taking over as chairman and CEO.

“He has the right skills needed to take company through the challenging times that we’re going through now,” the spokeswoman said.

In addition to his position at Exodus, Krause currently serves as a director for Packeteer, Pinnacle Systems, Sybase, ActivePhoto, Digite, IP Dynamics, Propel Software and TelEvoke. Krause previously served as president and CEO of Storm Technology and 3Com Corp.

Exodus did not disclose information about Hancock’s plans for the future nor did it make Krause available for comment.