Big news on the Yahoo front as Terry Semel officially departs from Yahoo. The news came down the pipes on Sunday when Terry made the announcement.

Through a conference call this afternoon, Jerry Yang went over the details including the management changes. Jerry Yang will be taking over the CEO position, and Sue Decker as the President. Terry wanted to leave sooner rather than later as he said that Yahoo has had a difficult and challenging year.

Supposedly Terry will be keeping his role as chairman and consult the company on an ongoing basis. Although we aren't sure how that will play out as even though Terry had helped Yahoo through the .com bust, quarter profits were nothing special for many years since, with Terry, of course, continuing his outrageous yearly pay.