I Never Wanted to Be CEO of Yahoo. I Wanted to Be … a Lumberjack!
I resigned. I know everyone will think I was pushed.”
In the face of withering criticism–of his leadership, his efforts to compete with Google and his supersized pay package–Yahoo CEO Semel said today that he was stepping down to assume a nonexecutive advisory role at the company.
In a statement, Semel, who will be succeeded by Yahoo co-founder Jerry Yang, said his resignation was his choice. “The board and I have long talked about the importance of ensuring a smooth succession in Yahoo’s senior leadership,” he said. “As we discussed my future goals and plans, I was clear in telling the board of my desire to take a step back sooner rather than later.”
Apparently, the board responded in kind.
UPDATE: Clearly, Semel is worth more to Yahoo investors dead than alive. The company’s shares spiked 6 percent in after hours trading.
UPDATE: There is an … orgy of Semel coverage over at Valleywag, which seems to have prepared for the former Yahoo CEO’s resignation the way the media prepped for the deaths of Ronald Reagan, Bob Hope and other notables.