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Terry Semel, the former Hollywood studio boss, stepped aside at Yahoo!, after 6 years in the executive suite. Co-founder and Chief Yahoo Jerry Yang became CEO (here’s his My New Job memo) , with Sue Drecker as president. Semel will remain as nonexecutive chairman. Yang is seen by some as a placeholder.

Why?
Yahoo lost ad dollars to Google and share price dropped under Semel’s watch. Shareholders got cranky during the annual meeting earlier this month.

Semel also didn’t acquire DoubleClick, Feedburner, MySpace, Facebook or YouTube, and the original content never materialized.

The entertainment was a bust. Employee morale was low.

Semel’s pay package has been decried, as has the company’s cooperation with the Chinese internet police.