Now it seems that the board has got fed up and fired CEO Carol Bartz—by telephone.
Yahoo shares jumped more than 6% in after-hours trading after news of the firing broke, indicating they would trade higher when Wall Street opened for business on Wednesday. Yahoo's stock price was up at $13.72, an increase of 81 cents.
Obviously things are worse than we thought since, according to Business Insider, the board are also letting people know that the company is up for sale.
In addition to firing CEO Carol Bartz, Yahoo's board has now put the company up for sale.
The person who briefed the Wall Street Journal on the Bartz firing also told the paper that "Yahoo is open to selling itself to the right bidder."
That's the equivalent of sticking a FOR SALE sign on the lawn.
Business Insider is also pretty harsh about Bartz—justifiably so.
The board canned Bartz, the WSJ's sources say, after studying the company's assets for two weeks and concluding that Bartz was doing a lousy job. If this is really true, one wonders what on earth the board has been doing for the past two years, while pretty much everyone else concluded the same thing.
Indeed. I think that the suggested solution falls short of the mark though...
There's no quick fix for Yahoo. The company needs to embrace the fact that it's now a media, content, and communications company—and make heavy investments in those areas. It needs to radically streamline itself. And it needs a leader with a clear product vision and the ability to execute on it.
If Yahoo is a "media, content and communications company", then it needs to find a strong revenue stream—something that online content companies often struggle to find.
It also needs to find greater acceptance for its—actually quite cool—developer applications and libraries amongst the web programming community.
I just don't think that those running Yahoo have the first clue on how to do either. And if the company has, indeed, put itself up for sale, it is going to made it even harder to find a CEO who does.
* The only more entertaining technology firm car-crash that I can currently think of is Hewlett-Packard. Take, for instance, this WSJ article which regales the management shenanigans at HP, under the subject line of "Let's say you were given a year to kill Hewlett-Packard. Here's how you do it..."