Semel resigns as Yahoo chairman
From Times Wire Services
Terry Semel stepped down as Yahoo Inc.’s chairman, severing his ties with the slumping Internet icon 7 1/2 months after he resigned as chief executive under shareholder pressure.
The Sunnyvale, Calif.-based company named another director, Roy Bostock, to replace him as nonexecutive chairman.
Semel, 64, who joined Yahoo in 2001, was hailed for building its ad business after the Internet bubble burst. But he faced calls for his dismissal as the stock tumbled last year. He was replaced as chief executive in June by Yahoo co-founder Jerry Yang.
During his tenure, Semel realized nearly $450 million in gains by exercising some of the stock options he earned.
