Yahoo, Inc's non-executive Chairman Terry Semel is stepping down from its Board of Directors, the company said Thursday, ending ties with the Internet firm after running it as CEO from 2001 to 2007.

Roy Bostock, who has been on Yahoo's board since 2003, will take over Semel's role. Bostock was previously the Chairman of Bcom3, an advertising agency bought by Publicis Groupe in 2002 for $3 billion.

Semel, a former executive at Hollywood studio Warner Bros., resigned as CEO last June. He had continued to serve since then as an advisor to Yahoo founder Jerry Yang who took the reins of the company as chief executive. Semel had talked with the firm about stepping down for several months, the company said.

With the Company moving forward under new leadership, I believe this is an appropriate time for me to step down from the Board, Semel said in a statement.

Under Semel's watch as CEO, Yahoo credits him with creating $30 billion in share holder value.

In early 2006, Yahoo shares were above $40 after dipping into the $4 range in 2001 following the dotcom crash in the early part of the decade.

By October of 2006, however, shares had fallen to the $23 range. Investors began to grow concerned, with some calling for his ouster.

Yang thanked Semel for his contributions to the company, calling him a great partner and a true friend while helping the new executive team in its transition.