After intense pressure to step down from the post, Terry Semel has finally succumbed to the calls. Replacing him as CEO is Yahoo! co-founder Jerry Yang, someone who’s seen to be more tech-savvy than Mr Semel.
The announcement had an immediate impact on Yahoo!’s share prices (quoting the linked CNN Money article):
Shares of Yahoo surged 3 percent in heavy trading on Nasdaq Monday as speculation mounted that Semel might step down – and the stock rallied another 4 percent in after-hours trading.
Wall Street seemed to welcome the promotion of Yang since he is viewed as being far more tech-savvy than Semel, who had a background in traditional media before joining Yahoo.