And then there was Google. Yahoo (Nasdaq: YHOO) was leapfrogged, embraced by those driving the new landscape for Web 2.0 as well as savvy search, advertising, and Internet technologists and marketers.

It’s only strategy for recovering lost market share has been to play catch-up. And to quote Scott Karp of Publishing 2.0, “Yahoo can’t out Google, Google.”

The sudden news of Jerry Yang’s appointment to CEO and the ouster of Terry Semel from the role has taken few by surprise — well the timing was a surprise. Sue Decker was named President.

The question is, was it an attempted coup to save the company from a possible hostile takeover or is Yahoo really trying to regain its position? Either way, Semel needed to go.

In the company’s press release, Semel was quoted, “Jerry and Sue will make an unbeatable team. Jerry has long been recognized as an Internet visionary. His incredible experience and close involvement since founding the company 12 years ago have given him tremendous strategic, technical and industry insight as well as unparalleled knowledge and understanding of Yahoo! and its great potential. We are equally fortunate to have Sue Decker, one of the most talented executives in the industry, as our new President. Sue has played a broad and important role in driving our strategy over the years, and has shown even greater skills and leadership with the success she’s had in taking on more operating responsibilities.”

Let’s hope he’s right.

I was reading the Searchnomics blog this morning and they had some pretty startling information that portrays a picture of internal chaos and destruction. Semel may be out but so are 10 of Yahoo’s 26 executives. In the last year alone, there has been a 40% turnover within executive management, which is incredibly alarming.

The WSJ says it reinforces doubts about Panama, the competitor to Google Adsense, when the guy overseeing the global rollout leaves smack in the middle of it.

Yahoo’s Summer Solstice party eerily reminds us that even giants can fall.

In the game of business, sometimes the best offense is a great defense. We always root for the giant that lost his way only to make a glorious comeback for all to witness.

With the Yang in the role of CEO, the company returns to its roots. But the future for search is rapidly evolving and the company may need someone who’s vision can see beyond the evolution of search, 2.0 and the impending proliferation of the semantic Web. But in order for Yahoo to regain its glory, it needs to change the entire game and give Google the opportunity to play catch up.

For the analyst call details, visit PaidContent.

yahoo google search web2.0 web+2.0 searchnomics bubblicious bub.blicio.us YHOO terry+semel jerry+yang sue+decker