So I guess that arrogant “I don’t care what the little people think of a big mogul like me” attitude only works in Hollywood. Yahoo! Inc. said today that ex-Warner Bros. co-chief Terry Semel will step down as chairman / CEO to be replaced by co-founder Jerry Yang. The move follows a contentious annual shareholders’ meeting and investor pressure for a change in management. Even inside the company, Semel’s pasha style was so radically different from the plebian atmosphere Yahoo! fostered. Here’s more humiliation: Yahoo! shares shot up 8% in extended trade after the announcement. Semel was named non-executive chairman of the company’s board of directors. Look for Semel and Michael Eisner to be commiserating about pesky stockholders over lunch at The Grill any day now.
My previous: What, Terry Semel Worry? Pals Say No.