- Obama to Outline Strategy to Boost US Exports to Asia
- Friday May See 'Risk Trade' Stalling; Dollar in Focus
- Job Market Politics to Keep Interest Rates Low
- AIG, Symbol of Crisis, Watches Its Stock Zoom Back
- Disney Profit, Sales Top Street Forecasts; Shares Jump
- Bill Gates Praises Apple's Jobs for 'Saving the Company'
- Cities With the Most Home Price Reductions
- Is Euphoric Market Ignoring Warning Signs?
- Video Game Sales Plunge, but Have They Hit Bottom?
- EXCERPTS and IMAGES: Warren Buffett & Bill Gates - Keeping America Great
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Gold Is a Bad Inflation Hedge—Like Oil: Stock Picker
- Intel's Andy Bryant Offers An Explanation
- US 'Actively Working' on Weaker Dollar: Fund Manager
- Options Boil on Biotech Buyout Rumors
- Warren Buffett's $100,000 Offer and $500,000 Advice for Columbia Business School Students
- Activision Blizzard's "Modern Warfare 2" Sales Break Records
- 5-Star Manager's 5 Stocks for Changing Markets
MOST SHARED
- Pharma & Social Media
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- Cities With the Most Home Price Reductions
- Warren Buffett and Bill Gates Share Their 'Optimism' With Eager Columbia Business Students
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Disney Profit, Sales Top Street Forecasts; Shares Jump
- Warren Buffett's $100,000 Offer and $500,000 Advice for Columbia Business School Students
- Is Euphoric Market Ignoring Warning Signs?
- China Fourth Quarter Growth Could Hit 10%: Official
- Obama to Outline Strategy to Boost US Exports to Asia
Text Size 
Internet portal Yahoo [YHOO
Loading...
()
] announced the resignation of Terry Semel.
 |
Paul Sakuma / AP Yahoo co-founder Jerry Yang is stepping in as CEO. |
Semel, 64, has served as the company's chief executive since 2001 and will take on the role of non-executive Chairman, the company said in a release issued after Monday's close of trading.
 |
Yahoo's Terry Semel. |
"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," Semel said in a prepared statement.
"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."
Shares of Yahoo rose sharply in after-hours trading.
Yang, 38, founded the company in 1994 with David Filo and serves on the board of directors, in addition to holding the title of "Chief Yahoo" overseeing the company's strategy and technological vision.
In a conference call with analysts held Monday afternoon, the company said it is seeing slower growth in display advertising --which include banner ads and videos -- but better-than-expected performance from its recently re-tooled search advertising business.
The company said it expects revenue in the current quarter at the low to middle of previous guidance.
Last week, Yahoo shareholders voiced their displeasure with the company's recent performance, voting against board-nominated directors at Yahoo's annual meeting.
Nearly a third of votes for at least one board member were cast against his election, an unusually high protest, even though all 10 candidates were elected.
Proposals opposed by the board that aimed to tie executive pay to competitive performance and challenge the company's human rights policies in China were defeated.
Earlier today, CNBC's David Faber reported that industry sources told him the company may need to explore strategic alternatives.
"It's certainly true that they are in a tough position right here and in a position of weakness so I think there are some people circling around it," Jim Friedland, an Internet analyst with Cowen and Co., told CNBC. "Given the weakness Yahoo has been experiencing, I think now is the time those talks become more real."
However, the analyst noted that forging a strategic deal with the likes of News Corp., Time Warner or Microsoft may not be in the company's best interests.
Addressing such speculation, Yang said Monday the company's board believes Yahoo should remain independent.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- They may have wrecked their companies or saved our economy. Tell us what you think.
- Big pharma embraces social media, but how much should a tightly regulated sector say on Facebook or Twitter?
- A European dating site finds lovelorn singles from one country to be consistently uglier. Which is it?
- Contributor David Pogue looks at two of the latest efforts to perfect the digital pocket camera.
- PepsiCo is ramping up its onsite health facilities for workers.
Data is a real-time snapshot *Data is delayed at least 15 minutes