Semel steps down from Yahoo! Board

SUNNYVALE, USA: Yahoo! Inc. has announced that Terry Semel, its non-executive chairman, stepped down from the Board of Directors on Thursday.

Roy Bostock, a member of the Yahoo!’s board since May 2003, was unanimously elected by the Board to succeed Semel.

Semel served as the chairman and CEO of the company from 2001-2007 before becoming the non-executive chairman in June 2007.

After becoming the non-executive chairman, Semel served as an advisor and important resource for the company's senior management team.

Bostock has been a member of the company's Board of Directors since May 2003. He has extensive advertising and marketing experience, having spent 38 years in a variety of senior level positions in that industry. With these changes, Yahoo!'s Board now is comprised of 10 members, nine of whom are independent directors.