UPDATE: Semel Out As Yahoo! (YHOO) CEO

UPDATE: Well-well it turns out that today's rumors that Semel was out as CEO was true.

Yahoo! Inc. (Nasdaq: YHOO) announced after the close that Terry Semel, current Yahoo! Chairman and CEO, will assume the position of non-executive Chairman. Jerry Yang, Yahoo! co-founder and long-time board member, was named to the CEO position.

While there has been no formal activist investors in Yahoo!, it looks like the grass-root activists won here.

What's next? Buyout, strategic partnership? Hmmm