Yahoo Changes CEO: So Long Terry Semel, Hello Jerry Yang
This probably isn't new to a lot of you guys out there, but Yahoo's CEO, Terry Semel just resigned. Jerry Yang, Yahoo's cofounder stepped into the position.
Semel led Yahoo for over 6 years. He helped Yahoo out of the dot-com bubble burst, and turned it into the media giant it is today. He accomplished many great things in the CEO position, but he goofed in one big category: Competition, especially Google.
During his six years in charge, Terry Semel let his primary competitor, Google, to grow from a project of 2 guys named Larry and Sergey at Stanford University to the search giant it is today. Even if nothing else was done on Semel's part to cut competition, the least he could've done was to make an offer when it counted. Yahoo could've bought Google for extremely cheap when it first started in 1998. But at the time, Yahoo founder's (David Filo) response was "When it's fully developed and scalable, let's talk again." Terry Semel could've corrected that mistake by making a better offer at 2002. He offered to buy Google for $3 billion, and it was worth at least $5 billion back then. Obviously Google didn't take that insulting offer, and it grew into the $147 billion company it is today.
Under Semel's rule, Yahoo came out with many things before Google, such as pay-per-click advertising, map services, Email. But when Google launched the same services, they did it better, more user friendly, and gave the users more flexibility, such as more user friendly pay-per-click programs, being able to click and drag maps around to "scroll” parts off-screen, and G-mail that can store many Megabytes of data.
Yahoo is due for a change. We solute you, Terry Semel, for all the great things you've done for Yahoo. Let's see what the young bloods can do, good luck Jerry Yang.