Semel Steps Aside As Yahoo! CEO

Jun 18, 05:55 PM

Current Headlines: Yahoo! Inc. said Monday Terry Semel will step down as chief executive officer and be replaced by Jerry Yang, co-founder of the California Internet icon.

The change comes as Sunnyvale-based Yahoo! struggles with slow growth and stiff competition, The Wall Street Journal reported. During the company's recent annual meeting, several board members received as low as 66 percent of the re-election vote.

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, Semel said in a statement.

Yang founded Yahoo! with David Filo in April 1994, eventually turning it into an indispensable Internet search engine and one of the most visited sites.

Semel, who joined Yahoo! in 2001, will remain chairman in a non-executive role.