Timeline of Events Preceding Terry Semel's Departure From Yahoo

Jun 19, 01:38 PM

Current Headlines: By Associated Press

A chronology of events preceding Terry Semel's resignation as chief executive of Yahoo Inc. The company announced Monday that Semel, 64, will remain chairman in a non-executive role as the Internet portal struggles to regain investor confidence.

-- 1995: Yahoo founded. Semel is co-chairman and co-CEO of Warner Brothers.

-- 1998: Google Inc. founded.

-- 1999: Semel leaves Time Warner Inc., where he ran the movie business and oversaw box office hits such as "Lethal Weapon."

-- Feb. 27, 2001: Yahoo board fires CEO Timothy Koogle, passes over President Jeffrey Mallett, and conducts outside search.

-- May 1, 2001: Semel becomes Yahoo's chairman and CEO.

-- February 2004: Semel says Yahoo will stop using Google search results and rely on its own technology.

-- August 2004: Google has initial public offering and ends first day of trading with a market capitalization of $23 billion, compared with $39 billion for Yahoo.

-- September 2006: Semel warns Yahoo will miss third-quarter financial targets, blames decline in automobile and financial services advertising.

-- October 2006: Google announces $1.65 billion all-stock deal to buy video-sharing site YouTube, one of the Internet's rising stars.

-- Dec. 5, 2006: Semel overhauls management. Chief Operating Officer Dan Rosensweig and Lloyd Braun, who oversaw Yahoo's media division, resign.

-- Feb. 5: After months of delays, Semel unveils "Panama" advertising system, which supposedly distributes ads better.

-- April 13: Google agrees to pay $3.1 billion in cash to acquire ad-management technology company DoubleClick Inc.

-- April 30: Yahoo acquires online advertising exchange Right Media Inc. for $680 million. Regulatory filing puts Semel's 2006 compensation at $71.7 million, more than any other CEO at the 386 publicly held companies covered in an Associated Press analysis.

-- Early May: Media reports say Microsoft Corp. is contemplating a takeover of Yahoo, temporarily boosting shares. Deal never materializes.

-- May 15: Yahoo hires investment banker Blake Jorgensen as chief financial officer, replacing seven-year CFO Susan Decker, who's promoted to oversee advertising operations.

-- Early June: Angry over Semel's $71.7 million 2006 pay package, investment groups recommend opposing the re-election of board members who sat on the compensation committee.

-- June 12: Semel hosts shareholders meeting and says Yahoo "has staked out a strong competitive position," but stock has dropped 18 percent since last year's meeting.

-- June 18: Semel ends six-year tenure as CEO, hands over the reins to Yahoo co-founder Jerry Yang. Susan Decker becomes president.

Source: Associated Press archives.

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