Yahoo! (YHOO) was down 4.7% in preopen Island trading after naming Terry Semel as its chairman and CEO, effiective May 1.
Semel previously was at
AOL Time Warner's
unit, where he served at co-chairman and co-CEO.
He replaces Tim Koogle, who stepped down as CEO of Yahoo! on March 7. Koogle will remain as vice chairman of the Internet media company until August and will retain a seat on the board.
Yahoo! said Semel bought 1 million of its shares.