Terry Semel has stepped down as chairman of Yahoo and will leave the board of directors, more than six months after he left his post as CEO of the company. Board member Roy Bostock will assume his role as non-executive chairman. Don't think they let Terry leave without some lovely parting gifts though: Valleywag has learned that the entrance to Yahoo's Sunnyvale headquarters will be renamed Semel Drive "out of appreciation for everything he's done" for Yahoo. Sweet! That's the kind of golden parachute everyone can enjoy!
A tipster sent us the oddly e.e. cummings-esque internal email from Yahoo cofounder Jerry Yang announcing the departure:
several months ago, terry initiated discussions with the board of directors about stepping down from the chairman role once the board was able to identify a successor. since then, i have worked closely with terry and the board to ensure an orderly transition. today, we announced that terry will leave the board and roy bostock, who has been a member of the board since '03, will assume terry's role as non-executive chairman.
i want to thank terry for his years of service and contributions to yahoo!. he's been a great partner and a true friend. out of appreciation for everything he's done for us, we're naming the entrance to our sunnyvale headquarters "semel drive." stay tuned for more info.