Semel steps down as Yahoo chairman

By Paul Bond

LOS ANGELES (Hollywood Reporter) - Terry Semel has quit as chairman of the board of Yahoo, the company said late Thursday.

The end to Semel's association with Yahoo comes seven months after he was replaced as CEO by company co-founder Jerry Yang.

Yahoo said that Roy Bostock, a longtime advertising industry executive and board member since 2003, has taken over as chairman.

Semel became chairman and CEO of Yahoo in May 2001 and oversaw a period of rapid expansion, just as he did during his five years as co-CEO at Warner Bros. with Robert Daly.

But while he left Warners at the top of his game, he might have overstayed his welcome at Yahoo, which has seen a near-steady decline in its share price for about two years.

Yahoo's shares haven't fared any better under Yang. Since he took over in June, the stock has tumbled 32 percent.

Semel's reign at Yahoo was wildly successful at first, though Google's ascension has come at Yahoo's expense, and Wall Street blamed Semel for allowing it to happen.

Nevertheless, Yahoo focused on the positive in announcing Semel's departure, noting that the company's revenue increased almost ninefold under Semel while Yahoo's audience swelled from 170 million users to 500 million.

During Semel's six-year stint as CEO, Yahoo stock rose 148 percent and Semel himself earned roughly $450 million, primarily from stock options.

Reuters/Hollywood Reporter