Semel out as Yahoo chairman
Terry Semel resigned as chairman of Yahoo Inc. Thursday.
Sunnyvale-based Yahoo (NASDAQ:YHOO) said Roy Bostock will replace Semel as the nonexecutive chairman of its 10-member board.
The company said Semel made the decision to step down several months ago after resigning as chief executive but stayed on until a new chairman was selected.
"With the company moving forward under new leadership, I believe this is an appropriate time for me to step down from the board," Semel said in a statement payday loans.
Company co-founder Jerry Yang replaced Semel as CEO in June.
Bostock has not been popular with some shareholders because of his role in Semel's rich pay package in 2006, valued at $71.7 million in a year in which the company's market value dropped by 35 percent, or about $20 billion.