The son of former Yahoo! and Warner Bros. executive Terry Semel filed court papers Thursday asking that a judge appoint a conservator to manage his father’s finances, saying the 75-year-old ex-CEO has Alzheimer’s disease and is mentally incapable of doing so.
Eric Semel, 39, states in his Los Angeles Superior Court papers that attorney Andrew Wallet, a co-conservator of singer Britney Spears, should be named to manage his father’s financial affairs and to make sure he has the proper living arrangements.
Semel’s stepmother currently has sole control over her husband’s finances and there is dissension between her and some of his four children, according to the petition.
“An independent neutral conservator of the estate is needed to make certain that Mr. Semel’s living expenses are provided for properly,” the petition states.
Jane Semel relocated her husband from their Bel-Air estate to a one-bedroom apartment in the Motion Picture & Television Fund-operated retirement community in Woodland Hills, according to the petition, which says that he “has become increasingly isolated” as a result.
A hearing on the petition is scheduled for July 19.
Semel was the chairman and CEO of Yahoo! from 2001 to 2007. Before that, he spent 24 years at Warner Bros., where he served as chairman and co-CEO, resigning amid shareholders’ dissatisfaction over his compensation package.
In 2004, the UCLA Neuropsychiatric Institute was renamed the Jane and Terry Semel Institute for Neuroscience and Human Behavior. At the time, the university said the couple’s $25 million gift was one of the nation’s largest to be dedicated exclusively to the better understanding of the brain.
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