Let's do a quick review of Jerry Yang's first year and a day since he became CEO of Yahoo (NASDAQ: YAHOO). The stock has lost about 20% of its value, and Yang botched merger negotiations with Microsoft (NASDAQ: MSFT) despite Microsoft seeking to acquire the company at a substantial premium to its current price. Investors fled for the exits after that. Now Yahoo has lost three executive vice presidents, two senior vice presidents and numerous other important executives -- including Flickr cofounders -- after the failure to work out a deal with Microsoft.Oh and, just for fun, Carl Icahn is rattling his proxy fight saber, alleging that Yang and the board of directors "acted irrationally and lost the faith of shareholders."
All of this raises an interesting question: what exactly does Jerry Yang have to do to lose his job? Get arrested for drunk driving and go on a vicious tirade, a la Mel Gibson? Or perhaps he should try exposing himself in public? I mean, he is trying to get fired, isn't he? If he isn't, he's doing a darn good job acting like he is.
Many commentators have said that Icahn's demand that the company's entire board be ousted is excessive. But every day that Jerry Yang remains CEO is another indication that Yahoo's board is completely incompetent. If Yang has lost the faith of shareholders and top executives, what exactly is the board waiting for?
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