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How long can you perform so inexpertly at your job that all of Wall Street calls for your firing, and still keep hangin' on? Evidently Terry Semel reached the end of his mental rope as of June 17, 2007. Yahoo! Inc. (NASDAQ: YHOO) just announced Semel was resigning effective immediately. Yahoo! co-founder Jerry Yang will take over as CEO.Interestingly, Semel won't be getting a separation agreement (read: no money), as he's resigning voluntarily. I wonder whose decision that really was?
A webcast discussing the resignation will be starting in five minutes, at 4:45 Eastern time. Melly Alazraki is live blogging the announcement.
Other BloggingStocks coverage:
Brian White: Even with Semel out, Yahoo! still can't catch Google
Georges Yared: Google is the reason Terry Semel just couldn't win
Peter Cohan: What took so long -- and, with YHOO up sharply since announcement, will Jerry Yang sell?
Gary Sattler: Was Terry Semel really that bad? Ummm, yes.
Melly Alazraki: Webcast uninspiring; I was hoping for new talent from the outside.
Julie Tilsner: Yahoo! disorganized; I'm glad I didn't end up as a Yahoo!
Jonathan Berr: Yahoo! needs fixing; it should avoid bidding for Dow Jones. And will Susan Decker now quit?
May 3, 2007: $40 million in 2006 too much for Semel
December 2007: Yahoo! reorganization annoints Decker; you call this a reorganization? Terry Semel should be fired.
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