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Yahoo! names new CEO
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April 17, 2001: 8:23 a.m. ET
Terry Semel, former co-CEO of Warner Bros., to lead Internet portal
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NEW YORK (CNNfn) - Internet portal Yahoo! Tuesday named veteran media executive Terry Semel as its new chairman and CEO.
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Terry Semel
Named new chairman, CEO of Yahoo! (Courtesy: Yahoo!) | | |
Semel formerly was chairman and co-chief executive of film studio Warner Brothers, where he worked for 24 years. He and his co-CEO Robert Daly left the top jobs at the studio and Warner Music in 1999. Those companies are units of AOL Time Warner (AOL: Research, Estimates), which also owns CNNfn.
Yahoo! announced last month that it was looking for a replacement for Tim Koogle, its CEO, at the same time it warned that first-quarter results would fall short of forecasts. It said at the time Koogle would remain as chairman, but Tuesday's announcement said Koogle will become vice chairman of the company, then give up that title in August 2001, although he is expected to stay on the board.
The company said Jeff Mallett, its president and chief operating officer, and Susan Decker, its chief financial officer, will retain their positions and report to Semel.
Shares of Yahoo! (YHOO: Research, Estimates) fell 47 cents to $17.15 in pre-market trading Tuesday following the announcement, after gaining 66 cents in Monday trading. 
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