Yahoo Replaces CEO Terry Semel
Yahoo Inc. Chairman Terry Semel ended his six-year tenure as chief executive officer Monday and will hand over the reins to co-founder Jerry Yang in the Internet icon's latest attempt to regain investor confidence.
Semel, 64, will remain chairmain in a non-executive role.
Besides naming Yang as its new CEO, Yahoo appointed Susan Decker as its president. Decker, who had been recently promoted to oversee Yahoo's advertising operations, had widely been seen as Semel's heir apparent.
The Sunnyvale-based company announced the shake-up less than a week after Semel faced off with shareholders disillusioned with Yahoo's lackluster performance during the 18 months and with Semel's compensation. Semel ranked No. 1 on The Associated Press' survey of 2006 executive compensation with $71.7 million, based on the AP formula for calculating executive pay.