Yahoo co-founder Jerry Yang has gone from holding the title of 'Chief Yahoo' to becoming the company's new chief executive. Yang replaces Terry Semel, who was appointed in 2001. Semel, a former movie studio executive, helped the firm bounce back from the collapse of the internet bubble, only to lose the search crown to Google. Semel will continue to work for the company as a non-executive chairman.
Although Yahoo still ranks as the world's most trafficked website, the firm has been battling a drop in market share and overall revenues. "
The past year has obviously not been an easy one for us. But we have taken important steps to address the challenges, and we are starting to realise some of the benefits," said Yang. Yang co-created Yahoo as a directory of websites in April 1994 with David Filo. Yang and Filo were PhD students at Stanford University when they founded their company.
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