SUNNYVALE, Calif. (AP) - Online search site operator Yahoo Inc. said Monday it named co-founder Jerry Yang as chief executive to replace current CEO Terry Semel, who has resigned.
Semel, who is also Yahoo's chairman, will become a non-executive chairman and serve as a company adviser, Yahoo said. Since Semel resigned his post and will remain as a non-executive chairman, Yahoo said it will not have a separation agreement with him.
The company said its board also named Susan Decker as Yahoo's president. Decker had been an executive vice president and head of the company's advertiser and publisher group. Decker will be responsible for the company's business operations, Yahoo said.
In a statement, Semel said he told the company's board of his 'desire to take a step back sooner rather than later.'
'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 -- it is the right thing to do, and the right time is now,' Semel said.
Yahoo shares climbed $1.53, or 5.4 percent to $29.65 in after-hours trading, after closing up 81 cents, or 3 percent, to $28.12 in the regular session.
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