Tuesday, November 18, 2008

Yahoo's Yang out as CEO

If I held stock in Yahoo, today would be a bittersweet day for me. Jerry Yang, one of the culprits responsible for decimating shareholder wealth by not accepting Microsoft's offer(s), is out as CEO. The search has already begun for his replacement.

Today, Yahoo's share price lingers somewhere around US$10.00; Microsoft offered to pay $33.00 per share. It is a shame that Carl Icahn didn't join Yahoo's board sooner than August - before Microsoft had taken its proposal off the table.

Chairman of the board Roy Bostock is charged with recruiting a new CEO. My advice for Roy: find a replacement for yourself and others on the board who failed your shareholders. Step aside and allow Yahoo's 'new strategic direction' to take hold under new management.

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