The chairman of internet search firm Yahoo, Terry Semel, has quit as chief executive and has been replaced by co-founder Jerry Yang. In the post since 2001, Mr Semel has been under pressure for some time amid disappointing trading results and the growing dominance of rival Google. The firm suffered a 16% fall in profits in the first three months of 2007. Mr Yang helped launch the business, which now has more than 500 million users worldwide, in 1995.
Mr Semel will take on the role of non-executive chairman but will no longer be involved in the day-to-day running of the business. Yahoo has struggled in recent years, losing market share to rivals such as Google and being criticised for poor technology and a lack of innovation. It currently accounts for about 26% of all online searches in the US, well behind Google which has a market share above 49%. Announcing his departure, Mr Semel said no-one at the firm was "satisfied" with the company's recent financial performance. "This is a time for new executive leadership, with different skills and strengths, to step in and drive the company to realise its potential," he said.