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Terry Semel Steps Down As Yahoo!’s CEO

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.