Well, the rumors finally came true. We all know resignation means fired in the corporate world, but nonetheless, Terry Semel, CEO of Yahoo (YHOO) did an excellent job while he was there. On the afternoon of June 18th, 2007, Terry Semel finally decided to step down. That means… Semel out Yang (co-founder of Yahoo) is in.
Jerry Yang, Co-Founder & an interim CEO of Yahoo, writes on the Yodel Anecdotal (Yahoo Blog):
Today also marks the close of a great chapter in my life with Terry Semel as my partner. Since coming on board in 2001, Terry has given Yahoo! six of its best years. He delivered great value to our users, advertisers and shareholders. Terry refocused the company on key strategic priorities, and in so doing, helped Yahoo! increase our revenues nearly nine-fold from $717 million in 2001 to $6.4 billion in 2006; boost our operating income from a loss in 2001 to nearly $1 billion last year; and create more than $30 billion in shareholder value during his tenure. He helped grow our audience from 170 million to more than 500 million users globally, and he oversaw the expansion of our base of talented employees from 3,500 to nearly 12,000.
This caused the Yahoo stocks to go up closely 5% today including the after hours. Hopefully, Yahoo will step up their game and try to compete with Google.
