Yahoo's Terry Semel to step down, Jerry Yang to replace

Breaking news: Yahoo stock is up on news that chairman and CEO of Yahoo! Inc. Terry Semel is stepping down. Semel joined Yahoo in 2001 after 24 years at Warner Bros. Jerry Yang, co-founder and former executive at Yahoo will be returning to active duty to replace Semel . Let the “return of Steve Jobs’ impact on Apple” prodigal son comparisons begin. Personally, this is one of the most encouraging moves I’ve seen. I wonder what Furrygoat will have to say about this.

Update: It looks like it took Valleywag all of 2 nanoseconds after the announcement to post the obligatory “Jerry Yang is no Steve Jobs” story.