Word from several sources and this Yahoo news release that Terry Semel has stepped down as CEO of Yahoo. He will be replaced by Yahoo Co-Founder, Jerry Yang. Susan Decker will become president of the company.
Mr. Semel’s resignation comes after a recent shareholders meeting in Santa Clara, Calif., in which he was criticized for being late to the acquisition party and trailing Google in paid-search revenue. Losing executives such as Chief Operating Officer Dan Rosensweig and Yahoo Media Group Chief Lloyd Braun under an executive reshuffle in December also raised a few red flags among investors.
Semel will continue on with the company as non-executive Chairman.
Here’s the full text of the letter Semel delivered to Yahoo’s Board of Directors.
Before today’s announcement, Jerry Yang served as “Chief Yahoo” while Susan Decker had just taken on the position of Executive Vice President, Head of Advertiser and Publisher Group. Prior to this role, she was Yahoo’s chief financial officer.
See Also: Yahoo co-founder Yang to replace Semel as CEO (via Reuters)
Source: AdAge, Reuters, Yahoo
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