Terry Semel
Photo: CC BY 2.0, via Wikimedia Commons16

Terry Semel

American corporate executive (born 1943)

Terence Steven Semel (born February 24, 1943) is an American corporate executive who was the chairman and CEO of Yahoo! Incorporated from 2001 to 2007.2

From Wikipedia’s article on Terry Semel (this version), CC BY-SA 4.0.

Born Feb 24, 1943.1

About

Previously, he spent 24 years at Warner Bros., where he served as chairman and co-chief executive officer.

From Wikipedia’s article on Terry Semel, shared under CC BY-SA 4.0.2

Companies

Early life and education

  • Date not recordedLong Island University3

Semel was born to a Jewish family in Brooklyn, New York, the son of Mildred (née Wenig) and Ben Semel. His father was a women's coat designer and his mother was a bus company executive. He was raised in Bay Terrace, a community in Bayside, Queens. He was the middle child, and has two sisters. At the age of 23, he graduated from Long Island University in Brooklyn with a B.S. degree in accounting.

From Wikipedia’s article on Terry Semel (this version), CC BY-SA 4.0.

Career

Occupation: businessperson.7

  • 2001 to 2007Chief executive officer, Yahoo5 6
  • 2001 to 2007Chief executive, Altaba4

Semel began working at Warner Bros. in 1965 as a trainee. From 1970 to 1972, Semel worked for CBS corporation's theatrical film production company, Cinema Center Films, as domestic sales manager.

CBS closed Cinema Center Films in 1972 and Semel moved to Walt Disney Productions, where he was vice president in charge of theatrical distribution until 1975.

In 1975, Semel returned to Warner Bros. Distribution as president, then moved into studio operations as an executive vice president in 1979. Frank Wells announced he was taking a less active role the company in 1981, Semel became president and chief operating officer of Warner Bros. on January 1, 1982.

In 1994, Warner Bros. Chairman and Chief Executive Robert A. Daly announced that Semel would become his co-chairman and CEO. The following year, the two men also became co-chairmen and co-chief executives of Warner Music following the firing of Michael J. Fuchs.

Both Daly and Semel resigned from Warner Bros. in July 1999.

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Yahoo

Terry Semel became the CEO of Yahoo! on May 1, 2001, and he served as CEO until June 18, 2007.

Compensation

In April 2001, Semel was granted stock options with an SEC Fair Value of over $110 million as a bonus to join Yahoo. In June 2006, his annual salary was reduced to one dollar.

Interest in buying Google

After joining Yahoo, company founders Jerry Yang and David Filo suggested he look at buying Google, whose founders looked up to Yahoo's founders. Semel had dinner with Larry Page and Sergey Brin, asking them what their business was with Yahoo paying only $7 million annually as its biggest licensor of Google search technology. So Semel proposed to buy Google. They replied that they wanted $1 billion and didn't want to sell. Semel said he'd think about the price.

After another dinner Semel agreed to the $1 billion. Page and Brin replied that they wanted $3 billion and didn't want to sell.

Interest in buying Facebook

Semel was given the mandate by Yahoo Board to buy Facebook for up to 1.2 billion dollars, Mark Zuckerberg having asked a price of one billion dollars. He tried to make it nonetheless for $850,000,000, and Zuckerberg stopped the negotiating process.

Resignation

Semel resigned as CEO due in part to pressure from shareholders' dissatisfaction over his compensation (in 2006, salary $1, stock options worth $70 million) and performance.

Semel ended his six-year tenure as chief executive officer on June 18, 2007, and handed over the reins to co-founder Jerry Yang in the Internet icon's latest attempt to regain investor confidence. At age 64, Semel remained chairman in a non-executive role. Besides naming Yang as its new CEO, Yahoo appointed Susan Decker as its president. Having recently been promoted to oversee Yahoo's advertising operations, Decker had widely been regarded as Semel's heir apparent. He later resigned from his post as non-executive chairman from Yahoo completely on January 31, 2008.

From Wikipedia’s article on Terry Semel (this version), CC BY-SA 4.0.

Personal life

  • BornFeb 24, 1943, Brooklyn8
  • CitizenshipUnited States9
  • ResidenceEast Gate Bel Air10
  • Children411

In 1966, he married Maryann Soloway; they divorced in 1974.

In 1977, he married Jane Bovingdon, a former secretary to the actress Susan George.

He has a son, Eric Scott Semel (b. March 15, 1969), and three daughters, Courtenay Semel (b. November 11, 1979), Lily Bovingdon Semel (b. 1985), and Kate Bovingdon Semel (b. March, 1992)..

In 2004, the UCLA Neuropsychiatric Institute was renamed the Jane & Terry Semel Institute for Neuroscience and Human Behavior.

Semel developed Alzheimer's disease, and began living in a nursing facility in 2016.

From Wikipedia’s article on Terry Semel (this version), CC BY-SA 4.0.