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Yahoo: Terry Semel off the board

The former CEO, who stepped down from that role last summer, severs his last ties to the company.

The Terry Semel era at Yahoo is officially over.

The former Yahoo CEO, who left that position last summer but remained as non-executive chairman of the board, is now out of the company altogether.

Yahoo announced Thursday afternoon that Semel will immediately relinquish his spot on the board.

According to a company statement, Semel began talking with other board members several months ago about stepping down and "targeted the time of the January board meeting for his departure."

Whether that's true or not is something we will likely never know, but one thing's for sure: there are a lot of people who won't miss the Semel era too much.

Of course, the Jerry Yang era hasn't gotten off to too hot a start either. The Yahoo co-founder ascended to the CEO role when Semel left the seat last summer.

Earlier this week, Yahoo announced that it was planning to lay off 1,000 people amidst lower quarterly profits than in the same time period a year earlier.

The company said it had earned $206 million, or 15 cents a share, on $1.4 billion in revenue. And while revenue was up, the profit number was lower than the $269 million it earned a year earlier.

Last June, Semel stepped down from the CEO position he'd held since 2001 after it became clear his leadership was not taking the company where it needed to be.

Now, with layoffs, lower profits and an unsure future, Yahoo, which for years until Google eclipsed it was synonymous with the growth and success of the Internet, is facing an extremely uncertain future and a need to examine and define its true identity.