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| Version 0 | Version 1 |
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| Yahoo boss steps down from post | Yahoo boss steps down from post |
| (20 minutes later) | |
| The chief executive of internet search firm Yahoo, Terry Semel, has quit his position and has been replaced by co-founder Jerry Yang. | |
| In the post since 2001, Mr Semel has been under pressure for some time amid disappointing trading results and the growing dominance of rival Google. | In the post since 2001, Mr Semel has been under pressure for some time amid disappointing trading results and the growing dominance of rival Google. |
| The firm suffered a 16% fall in profits in the first three months of 2007. | The firm suffered a 16% fall in profits in the first three months of 2007. |
| Mr Yang helped launch the business, which now has more than 500 million users worldwide, in 1995. | Mr Yang helped launch the business, which now has more than 500 million users worldwide, in 1995. |
| Recent struggles | |
| Mr Semel will take on the role of non-executive chairman but will no longer be involved in the day-to-day running of the business. | |
| Yahoo has struggled in recent years, losing market share to rivals such as Google and being criticised for poor technology and a lack of innovation. | |
| This is a time for new executive leadership Terry Semel, former Yahoo chief executive | |
| Announcing his departure, Mr Semel said no-one at the firm was "satisfied" with the company's recent financial performance. | |
| "This is a time for new executive leadership, with different skills and strengths, to step in and drive the company to realise its potential," he said. | |
| "It is the right thing to do and the right time is now." | |
| In a statement, Yahoo acknowledged that the past year had been a "difficult one" for the business. | |
| But it stressed that it had made progress in key areas such as developing advertising search functions and building its presence in video and on mobile platforms. | |
| Mr Yang created the original Yahoo search engine in 1994 before helping to launch the business a year later. | |
| Since then, he has held a number of roles overseeing corporate strategy, technological development and international expansion. |