Yahoo's Semel Resigns
After the bell comes word that Terry Semel has stepped down as Yahoo CEO, to be replaced by original "Chief Yahoo" Jerry Yang.
WSJ's Deal Journal, parsing the language of Semel's statement asks whether this means that he was aiming to have Yahoo acquired, but that the Board may not have agreed. Countering their own point, they also suggest that a return to Yang might mean that this is a temporary management team and an acquisition could still be on the horizon.
Either way, it should create a short-term bounce in the stock, as investors have lost patience with Semel.
UPDATE: Sue Decker has been elevated to President in the move. This may (or may not) suggest Yang's position is interim, until Decker has the chance to prove herself. Kara Swisher has the inside details on Yang, Decker and other possible changes to the team.
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