Fri, 01 Feb 2008 07:41:00 +0000
Ed Sutherland - AHN Editor
Sunnyvale, CA (AHN) - Just before Microsoft announced its $44.6 billion bid to acquire Yahoo, the Internet company announced former CEO Terry Semel was stepping down as nonexecutive of the board.
Roy Bostock, a Yahoo board member and former advertising executive, will replace Semel immediately, Yahoo announced late Thursday.
Semel resigned as CEO last year and was succeeded by Yahoo co-founder Jerry Yang.
Thursday, Microsoft offered Yahoo $44.6 billion to buy the Internet portal. Earlier this week, Yahoo reported fourth-quarter profits fell and downgraded expectations for 2008.
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