After yesterday's no-surprise announcement that Yahoo! (NASDAQ: YHOO) CEO Terry Semel would resign his post and take the role of non-executive chairman, I was confused as to why Semel even wants to stay with Yahoo!
Semel already has gotten a huge payday, so it looks like he's sticking around so the board can save face, which is disgusting. Yet again, executives are rewarded while shareholders get stiffed. I'm glad I don't own Yahoo or I would have Semel's head on a platter.
Still, you have to wonder what in the world is going on in Sunnyvale. Company co-founder Jerry Yang is stepping in as CEO (for some odd reason) instead of seasoned executive Susan Decker, who is taking over as president, thankfully.
Yahoo! will never regain its former glory.
So, the question of the hour is this: did Yahoo's board install Yang as a lame-duck CEO while it looks for a buyer? Yahoo! will continue to flounder unless the business-savvy Decker and techno-geek Yang work as team and do all they both can to rescue the company from the clutches of Google.
Yahoo, to be honest, probably still has no idea where it needs to go and what it needs to do. Personally, I canceled my Yahoo! account about a month ago after nearly eight years in operation. Why? Google offers all the same services -- better -- and it costs nothing and is faster than lightning, always. Competition is a good thing, yes?
Other BloggingStocks coverage:Georges Yared: Google is the reason Terry Semel just couldn't win
Peter Cohan: What took so long -- and, with YHOO up sharply since announcement, will Jerry Yang sell?
Gary Sattler: Was Terry Semel really that bad? Ummm, yes.
Melly Alazraki: Webcast uninspiring; I was hoping for new talent from the outside.
Julie Tilsner: Yahoo! disorganized; I'm glad I didn't end up as a Yahoo!
Jonathan Berr: Yahoo! needs fixing; it should avoid bidding for Dow Jones. And will Susan Decker now quit?
May 3, 2007: $40 million in 2006 too much for Semel
December 2007: Yahoo! reorganization annoints Decker; you call this a reorganization? Terry Semel should be fired.
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