19 June 2007

Yahoo! chief Semel quits top role

Yahoo! chief executive Terry Semel has stepped down from his role and been replaced by the search giant's co-founder Jerry Yang.

With Google dominating the search engine market and trading results proving disappointing, Semel has quit the post he held for the past six years.

More than 500 million people across the globe use Yahoo!'s services, but the group suffered a 16 per cent dip in profits for the first quarter of 2007.

"The board and I have long talked about the importance of ensuring a smooth succession in Yahoo!'s senior leadership - and more recently, about the need for a leadership team committed to carrying Yahoo!," Semel said.

"This is a time for new executive leadership, with different skills and strengths, to step in and drive the company to realise its potential.

"It is the right thing to do and the right time is now."

His performance and pay had previously come under fire from dissatisfied shareholders and he will now move into a new role as non-executive chairman.

Sue Decker, who recently took over the firm's advertiser and publisher division, was installed as Yahoo!'s new president and will assume leadership of the company's business operations.

"I am excited for the company," said Yahoo! shareholder Eric Jackson.

"I think Jerry Yang and Sue Decker are very capable and they will bring a lot of energy and passion to their new, enhanced jobs and will ultimately do a great job at leading the company."

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