Jerry Yang is the new CEO of Yahoo!

Internet company Yahoo! has announced that co-founder of the company Jerry Yang would become the new CEO of the company.

He would be taking over from Terry Semel who has failed to challenge the domination of Google in the search engine and online advertising market.

Semel would now become the board’s non executive chairman. Yahoo also announced that they are appointing Susan Decker, its former chief financial officer, as president.

She would also be heading the company’s advertising and media business operations.

The company also said in a statement that slower growth in display advertising this quarter would offset the improved performance from its search advertising business.

Kim Caughey, analyst at Fort Pitt Capital Group spoke on these new developments at Yahoo: “The shareholders certainly want management to explore all M&A options and it certainly looks like they are now going to have to do that.”