Terry Semel stepped down on Monday as chief executive of Yahoo following months of criticism over the internet group’s failure to match the financial performance of its Silicon Valley rival Google. Mr Semel, 64, said he was taking “a step back” to become non-executive chairman. Yahoo co-founder Jerry Yang is to succeed him. Sue Decker, head of advertising and publishing and former CFO, has been promoted to president. Mr Semel had borne the brunt of criticism for Yahoo’s poor performance, as well as for his own lavish pay. “I will not get a separation package because quite frankly I resigned,” he told the FT. “I know everyone will think I was pushed.” Lex says while it is fair for investors to take the position that, after Yahoo’s poor run, any change is a good thing, they might yet find that Mr Yang is an interim solution as chief executive.

This entry was posted by Gwen Robinson on Tuesday, June 19th, 2007 at 5:48 and is filed under Capital markets, People. Tagged with terry semel. Edit this entry.