TIMESONLINE: Terry Semel, the embattled chief executive of Yahoo!, resigned last night amid widespread pressure from investors over his lavish pay package despite a 35 per cent drop in the group’s share price.
In a statement yesterday, Mr Semel said that he had told Yahoo’s board that it was “my 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 realise its full potential. It is the right thing to do, and the right time is now,” he said.
Mr Semel, 64, will stay on at the California-based internet company as a nonexecutive chairman. Yahoo! chief quits after pressure by shareholders (more) By Tom Bawden and Siobhan Kennedy
Mark Alexander
