Yahoo CEO Terry Semel is out. In a surprise announcement, Yahoo said today that co-founder Jerry Yang will take over from Semel as CEO, who will step down immediately. The embattled Semel, who's been the target of recent shareholder ire, will stick around as non-executive chairman; Susan Decker, former head of advertising, is set to become Yahoo's new prez.
Shareholders at last week's annual conference hounded Semel over the company's sluggish growth—and his oversized $70M-plus paycheck—and many industry observers viewed it as a matter of time before the former Hollywood exec stepped down. Say blogger Rafat Ali: "This is a huge surprise, even though we knew it was imminent."