Terry Semel with Jerry Yang
The Internet giant Yahoo Inc.
(NASDAQ:YHOO) is shuffling management to put shareholders and
investors at ease.
online portal Yahoo! Inc. announced changes in management
following the low vote of confidence by the shareholders. The
long time CEO Terry Semel will be replaced by the co-founder of
Yahoo Jetty Yang. Semel will retain his role as board chairman,
while Sue Decker is being promoted to company president.
Last week the shareholders of Yahoo
issued a weak vote of confidence in the board of the directors,
giving only a 66% approval compared with last year's 97%.
Following the vote, Yang announced that big changes will take
place in the company's management body.
But the replacement of Terry Semel with
Jerry Yang, who has held top executive positions for years in
the company which he co-founded, is widely believed to be just a
way to soften the criticism of the direction the company has
taken in its fight against the adversary Google Inc. (NASDAQ:GOOG).
Many agree that Yahoo needs a new plan rather than shifting
executives around the office.
Yahoo Inc. became the first high traffic
online portal to enter the gambling business. This year Yahoo!
opened its own British-facing online poker room. Although Yahoo!
Poker does not allow U.S. citizens to play at the poker room, it
is becoming quite popular on the other side of the Atlantic.
Online gambling, however, would hardly help the company catch up
to Google or MSN.
Published on 06/19/2007