Terry Semel has quit as Yahoo's! Chairman, ending his link with the company after quitting as Chief Executive last year following shareholder pressure.

Roy Bostock will replace Semel as the nonexecutive Chairman of its 10-member Board. In an official statement Semel decided to give up his Chairman's role several months ago, but agreed to stay on to give the company time pick a successor.

He hasn't been involved in Yahoo's! daily operations since company co-founder, Jerry Yang, replaced him as CEO in June. Yahoo! gave Semel a compensation package valued at $71.7 million in 2006, and he ranked as the highest-paid CEO on the list of 386 publicly held companies.