Further to the speculation in May, a press release from Yahoo! has announced that their CEO Terry Semel has resigned. This is a sudden announcement following the recent Yahoo! AGM, but Semel has faced increasing criticism from investors that the company was not performing and that the gap between Yahoo! and Google was growing too wide.

His position is being taken over by Jerry Yang, the co-founder of Yahoo! and the person widely regarded to still have the passion and vision to drive the site and it's online services forward. However, whether he will want to hold the CEO position for long and deal with investors is another matter.