John Paczkowski

Recent Posts by John Paczkowski

Yahoo Board Backs Bartz Despite Shareholder Bellyaching

Yahoo shareholders hoping for a change in the company’s leadership aren’t likely to see one before CEO Carol Bartz’s contract expires in January 2013.

Despite recent rumors to the contrary, Bartz has the full support of the company’s board. Speaking at Yahoo’s annual shareholder meeting today, Chairman Roy Bostock said the board is confident Bartz has Yahoo headed in the right direction. Said Bostock, “The hard won progress that we have made is why this board is very supportive of Carol and the management team. … And I want to be very clear about that support.”

Shareholders may disagree. “I’m going to address the elephant in the room,” said one referring to reports that the board is talking to other CEOs. “I think this is a lot of what shareholders are talking about but won’t say. The last thing Yahoo needs right now is a lame duck CEO. Yahoo cannot withstand another exodus of talent, and I think that’s what’s going to happen if your remain for the duration of you contract…. The buyout talks over your contract need to start today and a search needs to be accelerated.”

Bartz’s response: “Well, that was certainly a downer.”

Yeah, particularly for frustrated shareholders.

“I can’t believe ISS (Institutional Shareholder Services) supported the reelection of this board as is and that all the big mutual funds re-upped them for another year,” Ironfire Capital founder Eric Jackson told AllThingsD. “Anyone who listened to Bartz this morning understands why the stock is languishing.”

Perhaps. That said, Bartz received a more than 80 percent affirmative vote for her re-election to the Board.

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