Terry Semel
Terence Steven Semel | |
|---|---|
| Born | February 24, 1943 Brooklyn, New York, U.S. |
| Occupation | Corporate executive |
| Years active | 1965–2008 |
| Known for | Chairman and CEO of Yahoo! (2001–2007), Chairman and co-CEO of Warner Bros. |
Terence Steven Semel (born February 24, 1943) is an American corporate executive known for his tenure as chairman and CEO of Yahoo! Incorporated between 2001 and 2007. Before joining Yahoo!, Semel dedicated 24 years to Warner Bros., where he ascended to the roles of chairman and co-chief executive officer.
Early life
Born in Brooklyn, New York, Semel is the son of Mildred (née Wenig) and Ben Semel; his father worked as a designer of women's coats, while his mother held an executive position at a bus company. He grew up in Bay Terrace, Queens and is the middle child among three siblings. At age 23, he earned a Bachelor of Science degree in accounting from Long Island University.
Career
Semel’s career commenced at Warner Bros. in 1965 as a trainee. From 1970 until the closure of CBS's Cinema Center Films in 1972, he served as domestic sales manager there. Subsequently, he joined Walt Disney Productions as vice president overseeing theatrical distribution, a role he held until 1975.
He returned to Warner Bros. Distribution in 1975 as president and progressed to executive vice president of studio operations by 1979. Following Frank Wells’s decision to scale back responsibilities in 1981, Semel was appointed president and chief operating officer effective January 1, 1982.
In 1994, Robert A. Daly, then chairman and CEO of Warner Bros., named Semel co-chairman and CEO. The next year, after Michael J. Fuchs left, both Semel and Daly assumed the positions of co-chairmen and co-CEOs of Warner Music.
Semel and Daly stepped down from their roles at Warner Bros. in July 1999.
Yahoo compensation
Upon joining Yahoo in April 2001, Semel was granted stock options valued at more than $110 million as part of his signing bonus. By June 2006, his yearly salary had been reduced to a nominal one dollar.
Yahoo!–China cooperation controversy
During his leadership at Yahoo!, Semel authorized the company’s cooperation with Chinese authorities that involved handing over private user data to the government. This decision caused widespread criticism, leading Semel to express remorse for its impact. When questioned at a prominent conference about whether Yahoo! would have complied with Nazi Germany’s demands, Semel—who is Jewish—answered cautiously, revealing unease about the situation in China. In a 2005 interview, he stressed that Yahoo! was obligated to follow laws applicable in each country where it operated.
Interest in buying Google
After becoming CEO of Yahoo!, Semel was encouraged by founders Jerry Yang and David Filo to explore acquiring Google. He met with Google's founders Larry Page and Sergey Brin and questioned why Yahoo! paid only $7 million per year despite being Google's largest licensor. Initially offering $1 billion for Google, which was declined, Semel later agreed to that price; however, Page and Brin subsequently increased their asking price to $3 billion and refused to sell.
Lost chance to take over Facebook
Semel received authorization from Yahoo's Board to purchase Facebook for up to $1.2 billion after Mark Zuckerberg set that valuation. Attempting to reduce the offer to $850 million during negotiations led Zuckerberg to terminate discussions altogether.
Resignation
Semel stepped down from his role as CEO due to shareholder concerns regarding his remuneration—receiving a $1 salary in 2006 coupled with stock options valued at around $70 million—and the company’s overall performance. On June 18, 2007, he relinquished the CEO position, returning leadership responsibilities to co-founder Jerry Yang as part of measures aimed at regaining investor trust. Although stepping down as CEO at age 64, Semel continued serving as chairman in a non-executive capacity. Concurrently with Yang’s appointment as CEO, Yahoo announced Susan Decker as president, who was widely regarded as Semel’s potential successor. Semel formally ended his association with Yahoo as non-executive chairman on January 31, 2008.
Other activities
Semel holds the title of Co-Chair Emeritus on the board of trustees for the Los Angeles County Museum of Art (LACMA). In 1995, he was awarded the Golden Plate Award by the American Academy of Achievement. Additionally, he received the UCLA Medal in 2005, which represents the university’s highest honor, along with the "Legend in Leadership Award" from Yale School of Management's Chief Executive Leadership Institute.
Personal life
In 1966, Semel married Maryann Soloway; their marriage ended in divorce in 1974. He remarried in 1977 to Jane Bovingdon, who previously worked as a secretary for actress Susan George.
He is father to one son, Eric Scott Semel (born 1969), and three daughters: Courtenay Semel (born 1979), Lily Bovingdon Semel (born 1985), and Kate Bovingdon Semel (born 1992).
Following a family contribution in 2004, UCLA renamed its Neuropsychiatric Institute to the Jane & Terry Semel Institute for Neuroscience and Human Behavior.
Semel has been diagnosed with Alzheimer's disease and has resided in a nursing care facility since 2016.