Yahoo boss Semel ousted by investors
By Chris Green,
Yahoo chairman Terry Semel is to step down from his dual role, vacating the chief executive job following a backlash from institutional investors.
Semel will be replaced by co-founder Jerry Yang, the company has confirmed, a direct consequence of investor pressure for a change in management and corporate governance.
The web portal-to-social networking company said Semel was named non-executive chairman of the company's board of directors. It also named Susan Decker, the company's former chief financial officer, as president of the company.
News of the management change sent shares up eight per cent in late US share trading.
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