Big news out of Yahoo this afternoon. The company has replaced CEO Terry Semel with co-founder Jerry Yang. “This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential,” Semel said. “It is the right thing to do, and the right time is now.” Despite the fact Yahoo has been struggling over the last 18 months, Semel received $71.7 million in compensation last year. He’ll remain on as chairman. Meanwhile, Yahoo’s Susan Decker has been promoted up to president.
“The past year has obviously not been an easy one for us,” writes Yang on his Yahoo blog. “But we’ve taken important steps to address the challenges we face, and we’re starting to realize some of the benefits — especially with the successful launch of Panama…. The Internet is still young, the opportunities ahead are tremendous, and I’m ready to rally our nearly 12,000 Yahoos around the world to help seize them.”