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| Version 4 | Version 5 |
|---|---|
| Yahoo boss steps down from post | Yahoo boss steps down from post |
| (about 4 hours later) | |
| The chief executive of internet search firm Yahoo, Terry Semel, has quit his position and has been replaced by co-founder Jerry Yang. | The chief executive of internet search firm Yahoo, Terry Semel, has quit his position and has been replaced by co-founder Jerry Yang.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 | 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. | 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. | 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 See Yahoo shares | This is a time for new executive leadership Terry Semel, former Yahoo chief executive See Yahoo shares |
| It currently accounts for about 26% of all online searches in the US, well behind Google which has a market share above 49%. | It currently accounts for about 26% of all online searches in the US, well behind Google which has a market share above 49%. |
| Announcing his departure, Mr Semel said no-one at the firm was "satisfied" with the company's recent financial performance. | 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. | "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." | "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. | In a statement, Yahoo acknowledged that the past year had been a "difficult one" for the business. |
| JERRY YANG FACTFILE Born in Taiwan, moved to US aged 10Developed website concepts while studying at Stanford UniversityCo-founded Yahoo in 1995Estimated to have a personal fortune of $2.2bn | JERRY YANG FACTFILE Born in Taiwan, moved to US aged 10Developed website concepts while studying at Stanford UniversityCo-founded Yahoo in 1995Estimated to have a personal fortune of $2.2bn |
| 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. | 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, 38, created the original Yahoo search engine in 1995 alongside partner David Filo before helping to launch the business on the stock market a year later. | Mr Yang, 38, created the original Yahoo search engine in 1995 alongside partner David Filo before helping to launch the business on the stock market a year later. |
| Since then, he has held a number of important roles overseeing corporate strategy, technological development and international expansion. | Since then, he has held a number of important roles overseeing corporate strategy, technological development and international expansion. |
| Microsoft link | Microsoft link |
| Yahoo has repeatedly been linked with a deal with Microsoft to try and counter Google's increasing supremacy in the online search market. | Yahoo has repeatedly been linked with a deal with Microsoft to try and counter Google's increasing supremacy in the online search market. |
| The two were reported to have held informal merger talks last year and to have revived discussions over possible co-operation earlier this year. | The two were reported to have held informal merger talks last year and to have revived discussions over possible co-operation earlier this year. |
| The two firms have dismissed the reports as speculation but, on both occasions, such talk led to a sharp increase in Yahoo's share price. | The two firms have dismissed the reports as speculation but, on both occasions, such talk led to a sharp increase in Yahoo's share price. |
| Mr Semel joined Yahoo at a time when its fortunes were at a low ebb following the collapse of the dotcom boom and helped to lead a revival in its business. | |
| But Google's formidable growth and concerns about Yahoo's ability to respond has led to growing doubts about the firm's direction. | But Google's formidable growth and concerns about Yahoo's ability to respond has led to growing doubts about the firm's direction. |
| Yahoo's shares rose nearly 3% after news of Mr Semel's departure was revealed. | Yahoo's shares rose nearly 3% after news of Mr Semel's departure was revealed. |