Yahoo! announced late last night that its Board of Directors has appointed Yahoo! co-founder and long-time board member, Jerry Yang, as its new Chief Executive Officer, replacing former CEO Terry Semel, who stepped down from his post yesterday. As a part of the deal, Semel will take on the role of a non-executive Chairman and serve as an advisor for the company's senior management team, while also working closely with the Board. The Board also named Susan Decker, formerly Executive Vice President and Head of Advertiser and Publisher Group, as President of the company.

Terry Semel said, "The Board and I have long talked about the importance of ensuring a smooth succession in Yahoo!'s senior leadership – and more recently, about the need for a leadership team committed to carrying Yahoo! through its multi-year transformation. 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. I believe Jerry and Sue, with their superb talents and intense dedication to Yahoo! and its people, are the perfect combination to carry us forward. 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."

"The entire Board appreciates the vital role Terry has played in making Yahoo! the Internet leader it is today, "said Director Ed Kozel, speaking on behalf of the Yahoo! Board. "All of us on the Board and throughout the company thank Terry for his many contributions over the years and for his willingness to stay on to assist Jerry, Sue, and the Board as we drive Yahoo! forward."

Kozel continued, "We believe there is no better person in the world to run Yahoo! now than our visionary co-founder Jerry Yang, who has helped build and run this company over the past 12 years. Jerry provides phenomenal strategic, technical, product and market leadership, has developed important relationships with major business partners, and has defined and nurtured Yahoo!'s unique, winning culture."

Jerry Yang said, "I'm delighted to assume this leadership role at the company David Filo and I started 12 years ago. I want to thank Terry for his many contributions to Yahoo! and for giving the company six of its best years. He has been not only a strong leader, but a consummate partner. And, Sue and I look forward to working with him to build on our firm foundation for future success and improved financial performance."

"I am very excited to be leading our exceptional team of 12,000 Yahoo!'s around the world," Yang continued. "It's an honor and a great responsibility, and I look forward to the challenge. My immediate and overarching priorities are to realize Yahoo!'s strategic vision by accelerating execution, further strengthening our leadership team and fostering an even stronger culture of winning."

Sue Decker said, "It is an incredibly important time for Yahoo! and I am thrilled to be partnering with Jerry to execute on our strategic vision. We have a terrific opportunity to build upon the benefits that we are already realizing from the recent reorganization around our core customers: hundreds of millions of users, hundreds of thousands of advertisers, and tens of thousands of publishers all over the world."

As part of this management change, Sue will assume leadership of Yahoo!'s business operations, which include the Advertiser and Publisher Group along with the Yahoo! Network, Connected Life, and our International operations. The Technology Group as well as all Corporate Functions will report to Jerry. David Filo will continue to play an important role in our management team by overseeing the company's strong technology organization as Yahoo! searches for a new Chief Technology Officer.