Yahoo Inc. said Terry Semel will step aside as its chief executive and be replaced by co-founder Jerry Yang, as the Internet icon attempts to regain investor confidence.
Mr. Semel, a former Hollywood executive who joined Yahoo in 2001, will remain chairman in a non-executive role. The Sunnyvale, Calif., company also expanded the duties of Susan Decker, who was recently named the head of the company’s advertising business, and named her its new president.
Yahoo Inc. Chairman Terry Semel ended his six-year stint 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.
What is that vision? A Yahoo! that executes with speed, clarity and discipline. A Yahoo! that increases its focus on differentiating its products and investing in creativity and innovation. A Yahoo! that better monetizes its audience. A Yahoo! whose great talent is galvanized to address its challenges. And a Yahoo! that is better focused on what’s important to its users, customers, and employees.
The past year has obviously not been an easy one for us. But we’ve taken important steps to address the challenges we face, and we’re starting to realize some of the benefits – especially with the successful launch of Panama, which continues to receive positive feedback from advertisers and is exceeding our expectations. By the way, that’s directly attributable to the operational excellent mentality Terry has instilled and is a clear sign one of his most critical initiatives is succeeding.