Sunnyvale, Calif. - Facing increased pressure from investors over his company's lackluster financial performance in recent quarters, Yahoo on Monday said that Terry Semel has stepped down as its CEO, to be replaced by company co-founder Jerry Yang.

Semel will retain the role of non-executive chairman, serving as a key advisor for senior management.

In another move, Yahoo named Susan Decker, considered by many to be the eventual heir apparent of Semel, as its present. Decker had served as Yahoo's executive vice president and head of its advertiser and publisher group, and previously as its CFO.

Semel said that the move was largely his decision.

"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," said Semel, who joined the company in 2001. "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."

The news sent company shares surging more than 6% in after-hours trading.

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