Yahoo Chairman Bostock: Jerry Yang's Our Man
- Can him
- Reiterate full confidence in him.
Yahoo's chairman Roy Bostock appears to have just done the latter in an interview with the New York Times:
Roy Bostock... said the board has no plans to replace its C.E.O. “I have absolute confidence in Jerry and the management,” he said in an interview last week.
That's a strong statement. It would be better if it came from the full board (the list of people calling for Roy's head is as long or longer than the one calling for Jerry's), and it would also be better if it came in the form of a press release. But this is a reasonable start. Yahoo desperately needs stability and resolve, and the sooner the CEO controversy is put to rest the better.
anyone see the meeting yesterday?? my favorite:
Shareholder asks why don't more directors own stock.
Bostock rebuts with "directors are required to own 12,000 shares"
Shareholder responds, after being dismissed, "right, but that 12,000 can be in the form of restricted stock units granted to the board".
Bostock dismisses the shareholder.
Any people still have faith in this comany?? The board isn't even buying shares at $19.xx.
Management isn't buying any shares. The flippin CFO who is projecting outrageous growth for the next 3 years owns ZERO shares.
Follow the money...insiders know Y! is going down the tubes.
Don't be ridiculous. Nobody cares what Ray thinks and his blessing does absolutely nothing to put Yahoo's CEO controversy to rest. I mean . . . what were you expecting Ray to say?? As long as Yang is CEO, there will be a CEO controversy. And this post is making me lose confidence in you.
The sad part..the Microsoft soap opera has distracted from the central issue: Jerry, Sue, and Hilary have completely ineffective as leaders. Yahoo is a $10B brand with a ten dollar execution strategy.
His success as CEO is what has people fuming.
Running a company is different than starting one.
This is not 1997 and VCs are not lining up throwing money at the Internet. Lots of folks already discovered the Net. Lots of companies are out there innovating their asses off and hyper focused.
Yahoo is a conglomerate with the management team to understand you can't build eveything internally and that a "good" acquisition is not always an expensive one.
Time for the gorwn ups to take over Silicon Valley. Yahoo is the poster child.
At the Yahoo Shareholders meeting things started getting really ugly once the floor was opened to shareholders who all but physically assaulted the Yahoo Board of Detractors! The very first shareholder said:
“You are overpaid for executive compensation, you overplayed your hand with Microsoft and have overstayed your welcome as a director! You clowns should all step down!”
Chairman Bostick screamed back, "NO!"
As the day wore on the crowd became more and more aggressive: they questioned why the board turned me down, why Icahn wasn't there, why they only got blank stares for responses, .... the anger was palpable.
Icahn, explaining his absence said,
"I will not be attending. The proxy fight is over and it will not do shareholders or Yahoo! any good to have the annual meeting turn into a media event for no purpose. Last week, I realized it was impossible to gain enough support from the large institutions to win a majority of the Yahoo! directorships. In today’s corporate governance system where large mutual funds control so much of the stock, it is extremely difficult to oust an entire board, no matter how strongly a large number of shareholders feel about the board’s previous actions. Realizing I could not gain control, I saw no point in spending the final two weeks in a debilitating fight, where little would be accomplished except to build animosity between both camps and the end result would be no better than the compromise that was reached.
I believe both gentlemen genuinely wish that we will be able to work together to enhance value. While we still disagree on many points, I have great hope “this will be the beginning of a beautiful friendship.”
If this meeting concludes without the crowd rushing the stage, dragging these clowns into the streets and stringing them up, I will be surprised!
Ignore these negative clowns.
Your detailed analysis of the entire Yahoo Microsoft affair was very helpful to me. I wouldn't have understood the underlying dynamics without your insight and made the right bets at the right times.
Keep it up...
Thank you,
usbworks
Congrats Yahoo.
It'll be nice to wait for the fireworks in what has become a really stale story.
It's Yahoo. I'd believe anything.
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good job!
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