Semel Out, Yang In As Yahoo! CEO
June 18, 2007 at 1:45 PM (PT)
YAHOO! co-founder and longtime board member JERRY YANG has been named CEO of the company to replace TERRY SEMEL, who will become non-executive Chairman and serve as an adviser. In addition, Exec. VP & Head of the Advertiser & Publisher Group SUSAN DECKER becomes YAHOO! President, assuming leadership of YAHOO's business operations.
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."
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.
Director ED KOZEL said, "The entire Board appreciates the vital role TERRY has played in making YAHOO! the Internet leader it is today. After joining the company in 2001, TERRY helped refocus YAHOO! on key strategic priorities and execute clear plans for growth, while building and acquiring world-class products and properties. All of us on the Board and throughout the company thank TERRY for his many contributions over the years and for his willingness to stay on to assist JERRY, SUE and the Board as we drive YAHOO! forward.
YANG said, "I'm delighted to assume this leadership role at the company DAVID FILO and I started 12 years ago. I want to thank TERRY for his many contributions to YAHOO! and for giving the company six of its best years. He has been not only a strong leader, but a consummate partner."
DECKER said, "It is an incredibly important time for YAHOO! and I am thrilled to be partnering with JERRY to execute on our strategic vision."