Yahoo CEO Terry Semel Resigns. Co-Founder Jerry Yang Named New CEO
Posted on June 20, 2007Yahoo CEO Terry Semel has resigned. Taking his place will be Jerry Yang, one of the co-founders of Yahoo, Inc. The announcement was made in a press release.
Shares of Yahoo jumped on the news that Semel is stepping down as CEO. The WSJ's Deal Journal blog says Yahoo will remain independent. They quote now acting CEO Yang who said, "We believe Yahoo can be a vibrant independent company."Terry Semel said, "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! through its multi-year transformation. As we discussed my future goals and plans, I was clear in telling the Board of my desire to take a step back sooner rather than later. I believe Jerry and Sue, with their superb talents and intense dedication to Yahoo! and its people, are the perfect combination to carry us forward. This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential - it is the right thing to do, and the right time is now."
Semel continued, "Jerry and Sue will make an unbeatable team. Jerry has long been recognized as an Internet visionary. His incredible experience and close involvement since founding the company 12 years ago have given him tremendous strategic, technical and industry insight as well as unparalleled knowledge and understanding of Yahoo! and its great potential. We are equally fortunate to have Sue Decker, one of the most talented executives in the industry, as our new President. Sue has played a broad and important role in driving our strategy over the years, and has shown even greater skills and leadership with the success she's had in taking on more operating responsibilities. Both Jerry and Sue have been great partners to me and I am looking forward to collaborating with and supporting them both, as well as the Board, in any way that I can as Chairman. I'm proud of all that we've accomplished over the past six years during this exciting, still early stage of the Internet's development, and my single goal is to ensure that Yahoo! achieves its full potential."