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Less than a week after Yahoo CEO Terry Semel assured incensed shareholders he had enough "fire in [his] belly" to bring Yahoo out of its slump, Semel has announced his resignation.

Taking his place as CEO will be cofounder Jerry Yang. Widely touted as Semel's heir apparent, Susan Decker will take his place as president. Semel will stay on though, as non-executive chairman, serving as an advisor to the senior management team and the Board.

The company says that since Semel resigned as CEO and will continue as non-executive chairman, there will be no separation agreement with him.

"The Board and I have long talked about the importance of ensuring a smooth succession in Yahoo!'s senior leadership -- and more recently, about the need for a leadership team committed to carrying Yahoo! through its multi-year transformation," said Semel.

"As we discussed my future goals and plans, I was clear in telling the Board of my desire to take a step back sooner rather than later."
A third of the shareholders seem to think that was a good idea too.

Semel continues, "This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential -- it is the right thing to do, and the right time is now."

At a shareholders meeting last week, the crowd was somewhat hostile, with many refusing to vote for Semel's reinstatement as CEO and questioning whether his $71 million pay package last year matched his performance.

It looks like that got to him – or to somebody – but not enough to fully oust Semel.

Yahoo says Decker will assume leadership of Yahoo's business operations, which include the Advertiser and Publisher Group along with the Yahoo! Network, Connected Life, and our International operations. The Technology Group as well as all Corporate Functions will report to Yang.

And Terry, most of the time, will report home for a margarita by the pool.