Skip navigation
Watchlist Sponsored By :


Current DateTime: 10:15:58 12 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 10:15:58 12 Nov 2009
LinksList Documentid: 33793611
  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?

  • Think You Understand Markets?

      We've selected some questions from the Financial Industry Regulatory Authority's test of investor knowledge. See how you do ...


Current DateTime: 10:15:58 12 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Yahoo CEO Terry Semel Resigns; Co-Founder Yang Is Successor
By: Peter Kang | 18 Jun 2007 | 04:59 PM ET
Text Size

Internet portal Yahoo [YHOO  Loading...      ()   ] announced the resignation of Terry Semel.

Jerry Yang
Paul Sakuma / AP
Yahoo co-founder Jerry Yang is stepping in as CEO.

Semel was replaced by co-founder Jerry Yang, effective immediately. Susan Decker, Yahoo's head of advertising and former chief financial officer, was also named president.

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.

Terry Semel
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.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • 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.
ADD COMMENTS
Remaining characters


Current DateTime: 02:33:17 12 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 11:27:47 12 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 05:29:42 12 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:12 12 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters