Terry Semel out, Jerry Yang in! This is the latest buzz in the corporate world. Announcing the news in his blog, Jerry Yang says he is “committed to doing whatever it takes to transform Yahoo! into an even greater success in the future.”

Yahoo! Inc was created along with David Filo in 1995. About the future of their company, yang adds, "We have incredible assets. This company has massive potential, drive, determination and skills, and we won’t be satisfied until the external perception of Yahoo! accurately reflects that reality. I have absolute conviction about Yahoo!’s potential for long-term success as an Internet leader. Yahoo! is a company that started with a vision and a dream and, make no mistake, that dream is very much alive. I’m committed to doing whatever it takes to transform Yahoo! into an even greater success in the future. The time for me is right. The time is now. The Internet is still young, the opportunities ahead are tremendous, and I’m ready to rally our nearly 12,000 Yahoos around the world to help seize them."

Just last week we reported on Yahoo! Investors unhappy with Yahoo! and especially with ex-CEO Terry Semel. Before taking over CEO duties, Jerry Yang and co-founder David Filo were happy in the role of Chief. About ex-CEO, Terry Semel, Yang says, “I will always be grateful for the incredible achievements under his leadership — and for his mentorship and friendship. We’ll continue to benefit from his support and guidance as he transitions to his role as our Chairman.” he goes on to praise Semel and support Sue Decker who is now President of the Internet giant. Previously, Sue was Head of advertising and publishing.

Besides his CEO duties at Yahoo Inc, Yang is a member of the Yahoo! Japan, Board of Directors of Alibaba, the Stanford University Board of Trustees, the Asian Pacific American Community Fund and Cisco. Jerry Yang was originally born in Taipei, Taiwan but moved to San Jose, CA at the age of 10. Jerry Yang is the 432nd richest man in the world and is worth US$2.2 billion.

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