The chief executive of internet search firm Yahoo, Terry Semel, has quit his position and has been replaced by co-founder Jerry Yang.
In the post since 2001, Mr Semel has been under pressure for some time amid disappointing trading results and the growing dominance of rival Google.

The firm suffered a 16% fall in profits in the first three months of 2007.

Mr Yang helped launch the business, which now has more than 500 million users worldwide, in 1995.

Recent struggles

Mr Semel will take on the role of non-executive chairman but will no longer be involved in the day-to-day running of the business.

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