The Wall Street Journal-20080201-Yahoo-s Bostock Succeeds Semel as Chairman

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Yahoo's Bostock Succeeds Semel as Chairman

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Yahoo Inc. said former Chief Executive Officer Terry Semel has resigned as nonexecutive chairman of the board, effective immediately and been succeeded by Roy Bostock.

The Sunnyvale, Calif., Internet company said Mr. Bostock, a member of its board since 2003, was unanimously elected by the board.

Mr. Semel, 64 years old, had served as CEO and chairman of Yahoo from 2001 to 2007, and was succeeded in June by co-founder Jerry Yang as CEO.

"Terry Semel has been a great partner and true friend," said Mr. Yang, "and has played a key role in helping to grow Yahoo's business -- and industry-leading audience -- over the past seven years."

Mr. Bostock, a veteran advertising and marketing executive, previously served as chairman of BCom3 Group Inc. and chairman and CEO of D'Arcy Masius Benton & Bowles and its successor company, The MacManus Group Inc. He serves on the board of Morgan Stanley and is chairman of Northwest Airlines Corp.

"Roy Bostock has offered tremendous insight and leadership since joining the Yahoo board five years ago," said Mr. Yang.

Shares in Yahoo fell nine cents after hours to $19.09 after rising 13 cents in Nasdaq Stock Market composite trading that ended at 4 p.m.