Yahoo Inc., Chairman Terry Semel has stepped down from his post unexpectedly on Monday. 
He has to loose his job because of the growing dominance of rival Google and disappointing trading results of Yahoo in the market. Now Jerry Yang, an electrical engineer from Stanford University and co founder of Yahoo will be new executive chairman. In first Quarter of year 2007 company has suffered loss of 16% in profits.
While communicating about his departure Mr Semel said,
This is a time for new executive leadership, with different skills and strengths, to step in and drive the company to realise its potential. It is the right thing to do and the right time is now.
He is not totally out of company. He will take on the role of non-executive chairman.
He but will not be involved in the day-to-day running of the business.
In recent year Yahoo has been carped for poor technology and lack of innovation. The popular original version of Yahoo search engine was made by Mr. Yang with the help of his partner David Filo. Yang has played very crucial roles like overseeing corporate strategy, technological development and international expansion in Yahoo.
Earlier the news of merger between Yahoo and Microsoft had exceeded Yahoo’s share price. But both the parties had denied the news. Yahoo’s shares rose nearly 3% after news of Mr Semel’s departure. Let’s see, how this new leadership could do better for yahoo ?
