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Yahoo drafts in co-founder as new CEO

Global search engine Yahoo has brought in its co-founder Jerry Yang to take over at its helm.

Global search engine Yahoo has brought in its co-founder Jerry Yang to take over at its helm.

The internet giant has appointed Yang CEO, replacing Terry Semel, who moves to the role of non-executive chairman.

It has also named Susan Decker, formerly executive vice president and head of advertiser and publisher group, as president of the company.

Whilst praising Semel for his achievements during his tenure at Yahoo, director Ed Kozel, speaking on behalf of the board, said Yang was the best person to lead the company going forward.

"We believe there is no better person in the world to run Yahoo now than our visionary co-founder Jerry Yang, who has helped build and run this company over the past 12 years," Kozel said in a statement from the firm.

Semel said he supported the move.

"This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realise its full potential - it is the right thing to do, and the right time is now," he said.

Appointed CEO in 2001, Semel was charged with helping to drive Yahoo's development in the face of rising competition including from Google. Although it has grown considerably, Yahoo has now been overtaken by Google, which is widely regarded as the world's leading Internet search engine.