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SUNNYVALE — Tim Koogle, the former chief executive of Yahoo! Inc., made $31.9 million exercising stock options in late November. 

Koogle, who stepped down from the CEO post when Terry Semel took over last May but remains a director, bought 2 million shares for just a fraction of a cent each and sold them for between $15.51 and $15.64 a share, according to Thomson Financial/First Call. 

Around the same time, Yahoo co-founder Jerry Yang sold 350,000 shares for $5.5 million. Yang still holds more than 44 million Yahoo shares, according to Thomson Financial/First Call. 

Yahoo stock fell $1.15, nearly 6 percent, to close at $19.01 a share in trading Monday on the Nasdaq Stock Market. Yahoo is scheduled to report its fourth-quarter earnings Wednesday afternoon.