The day after former Yahoo, Inc. (NASDAQ: YHOO) CEO Terry Semel severed his ties with the company, Yahoo! gets an official bid from Microsoft Corp. (NASDAQ: MSFT) for over $44 billion. Just this week, Yahoo!'s Jerry Yang gave a bleak outlook for the company and shares nosedived. Could Yahoo! possibly have any more news this week? Sheesh.

Let's stick to Semel. The former Warner Bros. star took Yahoo! under his wing back in 2002 and for all intents and purposes, guided the company from the bust days of the dot-com implosion to a business based on display advertising and paid services.

Too bad Google, Inc. (NASDAQ: GOOG) came along and soundly thrashed Yahoo! in every possible way, which lead to Semel's ouster in 2007 and what could be considered corporate theft with his preposterous exit package. Even Yahoo! co-founder Jerry Yang's return to the CEO spot can't stop this company from floundering, while Google continues to thrive.

So, it comes as no surprise that Semel, who did not leave his board of directors position when he stepped down (er, was pushed down) from the CEO spot, finally left his board seat yesterday and severed ties with Yahoo! If someone else hires Semel because of some alleged starpower, they'll be getting a CEO who didn't do much in his 5+ year tenure at the former largest web property on the planet. Perhaps Microsoft can hire him as an adviser to its proposed acquisition?