Following on BoomTown’s report earlier this week, The Wall Street Journal followed by also naming former Autodesk top exec Carol Bartz as a contender for Yahoo CEO in a report today.

Since my post on Wednesday, I have been getting a lot of intense reaction from inside and outside of Yahoo to the idea of an old-line tech CEO–such as Bartz (pictured here in a lovely WSJ dot drawing)–with little Internet or online advertising experience, taking on the difficult role at Yahoo (YHOO).

Bartz certainly has a rock solid resume, including a computer science degree–exactly of the kind the Yahoo board has been interested in, as I have previously reported.

She successfully led Autodesk (ADSK)–which makes computer-aided design software and is half Yahoo’s size–for 14 years, before retiring in 2006 to spend more time with her family.

Bartz remains Autodesk’s executive chairman and also serves on big-name tech boards, such as Intel (INTC) and Cisco (CSCO).

What’s most interesting about the reaction to Bartz is that the kudos and the knocks track very closely.

Some think her lack of Internet and online ad experience is a problem, while others think it is a good thing, freeing her to think freshly.

Some worry about her age (60 years old), while others see it as important to get a seasoned pro in the seat.

Most controversially, some are concerned about her closeness to Yahoo CEO Jerry Yang and President Sue Decker–Bartz serves on the Cisco board with Yang and the Intel board with Decker–seeing the choice as an attempt by Yang to stay in power at Yahoo.

But others think it will make for a smoother transition and that Yahoo still needs Yang’s involvement, despite his rocky tenure as CEO.

Consider the wildly different opinions on the idea of an exec like Bartz:

“It is unbelievable to me that there are NO Web monetization experts being considered for Yahoo CEO–the fix is easy–just focus on making money!!” said one former Yahoo exec.

Added another person close to Yahoo: “I don’t see how Bartz is qualified, other than as a successful former CEO. CAD software is very different from Yahoo’s technology and she has no apparent background in ad sales.”

But others disagree.

“Yahoo needs a strong executive like Bartz to get the company on track, and all she needs is to be able to focus, make deals and be decisive,” said a Yahoo insider. “And she is plenty tough enough to do it and has the tech chops too.”

In addition, another former Yahoo exec noted that she could easily be paired with a strong No. 2, with much more of an Internet background.

“There are a lot of great choices around who would love to take a COO job, since it is clear Bartz will not be a long-term CEO,” said the former exec, referring to her age. “It is a perfect stepping stone.”

But the Yang connection worried one current exec: “Jerry just does not want to let go. The person who made this mess should not be controlling a search to replace himself, especially with someone who is probably friendly to him.”

Indeed, several sources said the most prominent insider considered, board member John Chapple, is now not a choice, due to his closeness to fellow director Carl Icahn. Icahn came to the Yahoo board after waging an ugly proxy fight against the company and Yang.

But other current exec disagrees. “Yahoo has had enough turmoil and we need someone who can come in and settle things down,” said the exec. “Bartz seems perfect to do that.”

Another exec points out that Yang has not apparently been favoring Decker (pictured here), to whom he is very loyal, but who carries the same baggage as Yang about Yahoo’s current state.

“That Sue is not the likely choice is a sign that Jerry has tried to make the best choice for the company over getting an ally in power,” said the exec. “I think he also knows the reaction to her as CEO would probably send Wall Street into a tizzy and signal investors of an unwillingness to be accountable or to change by the already tarnished board.”

Whoever the new leaders of Yahoo are, they will have their work cut out for them, from deciding the strategy, especially with regard to a search deal with Microsoft (MSFT), to determining whether a merger deal with Time Warner (TWX) online unit AOL should happen.

While rich in assets and online traffic, Yahoo has suffered over the last year from a range of internal and external troubles that have shaken the iconic Web company to its core and depressed its stock.

That’s why Yahoo’s board probably must select a new CEO before it reports fourth-quarter earnings on Jan. 27.

If not, it will have to answer sharp questions from investors, Wall Street analysts and the press about why the process is taking so long, especially considering the urgency.

That sluggishness, of course, is a hallmark of Yahoo, and one of the reasons for its current troubles. Yang announced he would be stepping down in mid-November.

How did BoomTown forget former Autodesk exec Carol Bartz for Yahoo CEO?

Yahoo certainly hasn’t. According to several sources familiar with the Yahoo (YHOO) search for a new leader to replace Co-founder Jerry Yang, the company is looking hard at the longtime and high-profile Silicon Valley executive (pictured here).

Many I have spoken to inside and outside of Yahoo with knowledge of situation said the company is winnowing down its list to a few internal and external candidates and Bartz is a favorite.

While some speculate that Yahoo could announce a candidate sooner than later, it’s long past when Yahoo Chairman Roy Bostock promised some big investors a new and serious leader would be in place.

Some sources close to the board still think Yahoo could still end up opting for one of its own.

If so, the leading choice is most likely board member John Chapple, former Nextel CEO, although sources say he does not want the post now, preferring an outsider for Yahoo CEO. The other board member mentioned is Maggie Wilderotter, a former Microsoft exec.

Whoever gets the job needs to move quickly on a range of actions needed–from deciding the strategy with regard to a search deal with Microsoft (MSFT) to determining whether a long-running merger deal with Time Warner (TWX) online unit AOL should happen.

So far, Yahoo’s board has also gotten a lot more rebuffs from outside execs than expected for the top spot.

This is no surprise, due to the highly difficult task of turning the company around. While rich in assets and online traffic, Yahoo has suffered over the last year from a range of internal and external troubles.

Bartz is certainly an experienced and very well-regarded tech exec, with the talent to turn things around. She served as chairman, president and CEO for 14 years at the San Rafael, Calif.-based company that makes design software.

While there, Bartz presided over huge growth at Autodesk (ADSK), stepping down in April of 2006, and has since served as its executive chairman.

She also put in stints at other big tech companies, including Sun Microsystems (JAVA), Digital Equipment Corporation and 3M (MMM).

More interestingly, Bartz is also on the boards of a blue chip list of companies and organizations, including Intel (INTC), Cisco Systems (CSCO), NetApp (NTAP), and the Foundation for the National Medals of Science and Technology.

Yang is also on the board of Cisco, and Yahoo President Sue Decker is on Intel’s, so Bartz is a well known quantity to Yahoo.

She is also exactly the kind of serious, seasoned public company CEO with tech experience whom Yahoo’s board has told investors and others it is looking for, with skills to pull off mergers and think strategically.

But Bartz also was in charge of a more old-school kind of tech company, and has less experience in the faster-moving Web environment that prevails now.

Although she toughed it out successfully, Bartz underwent difficult times during the Web 1.0 era, in fact, when investors were worried about Autodesk’s prospects in the online era.

Still, Bartz also has less advertising experience, which is Yahoo’s principal business.

Nonetheless, she is well-liked in the tech community and has ties to key companies Yahoo must deal with, including Microsoft.

Whether Bartz herself is interested in taking over a massive overhaul like Yahoo is unclear. I reached out to her for a comment, but have not heard back yet.

According to her resume on Autodesk’s Web site, Bartz holds an honors degree in computer science from the University of Wisconsin.

BoomTown’s got nothing, which is not something I like to say very much.

I am talking about the Yahoo CEO search, which is either being done by the Internet giant’s board in such elegant secrecy and with such amazing stealth that it is getting by everyone.

That or it’s business as usual for the Yahoo (YHOO) board, which so far has never met a challenge for the company it could not drag out painfully and with great public dithering.

I am hoping, of course, it is the former–that my crack sleuthing skills have been frozen solid here in Buffalo–and the choice will be announced to great fanfare by year’s end (which is, er, tomorrow).

But from reporting I have done over the last several days, the latter seems to be the case and Yahoo might not have a new leader in place for a few weeks at least.

Still, I vote for tomorrow!

But, if I had to make a prediction, Yahoo will pick an external candidate among the several candidates it is vetting now, given the time this has taken and also the need to show Wall Street, investors, their employees and the rest of us it intends to change.

In any case, if Yahoo cannot land someone by the end of January, many sources I spoke to expect the board to pick one of its own–most likely, former Nextel head John Chapple, a new director.

I have also heard that longtime Hewlett-Packard (HPQ) exec, Vyomesh (VJ) Joshi, who runs its massive imaging and printing group, is also a possibility, as well as others on the board.

When Yahoo CEO Jerry Yang announced he was stepping down in mid-November, sources I spoke to said the board was ready to act with urgency and boldness to get a leader in place to drag the company out of the doldrums.

It even made a little list, as I wrote in a post:

The board, though, has apparently made a list of six–I have no idea why that is the number chosen–clear criteria for the new leader of Yahoo.

The first is that the candidate have ‘extensive’ experience as the CEO of a public company. Another calls for media and advertising expertise. And mergers and acquisitions experience. Also strategic skills.”

While sources inside and outside the company say several candidates were considered and contacted, thus far there is no clear front-runner, as some–such as News Corp. (NWS) COO Peter Chernin and former Vodafone (VOD) CEO Arun Sarin–have discounted their interest so far. (News Corp. is the owner of this Web site.)

One response to my progress of the Yahoo CEO search from an insider was typical: “Not a peep. Oddly quiet.”

A major reason for the lack of swiftness might be Yang, who is very involved in the search along with Yahoo Chairman Roy Bostock (who might think twice about parking his chauffeured car with his name splashed on it somewhere else than in front of Yahoo, for all the emails I get about sightings of it).

Many sources said Yang is intent on getting the CEO choice just right, given so many other missteps made under his management.

“This is his last act and he is really serious about not making a bad choice,” said one exec who has talked to Yang.

That kind of consideration takes time, of course, even though many think that a bit of decisive speed might be a good thing to see from Yahoo right about now.

Still, with the holidays, as well as the weak economy, Yahoo is no Shangri-La for potential candidates.

In addition, Yahoo will wrap up a quarter this week that is sure to be especially weak, given all the internal and external turmoil.

“It is a very tough job and anyone worthwhile has to think long and hard before taking it,” said one person who has been contacted by Yahoo’s headhunter, Heidrick & Struggles, about interest in the No. 2 job at Yahoo, once a CEO is found.

This concept being bandied about is to put a new top team in place to replace Yang, and possibly President Sue Decker, who is the leading internal candidate for CEO.

Interestingly, a COO/President choice is perhaps the more interesting choice for Yahoo, since the field of candidates here widens considerably and has a lot more digital experience.

But first, of course, the CEO needs to be picked, and that’s still to come, delaying everything from doing a deal with Microsoft (MSFT) over search to buying Time Warner (TWX) online unit AOL, all of which are being pushed into 2009.

Well, only the Yahoo board knows for sure who that will be, although I am still digging away like a rabid gopher to find out more.

But here is a great music video of Val Emmich singing “(C’mon), Get On With It,” to spur the Yahoo board on:

With so many more ex-Yahoos out there now that the most recent layoffs have taken place, BoomTown put out feelers to a range of them to ask whom they would like to run the company they no longer work for.

After all, who better than to pick a new CEO than an ex?

The response I got was swift and varied wildly, depending on which way the ex-Yahoo felt the company should go, including quite a few who thought Yahoo needed to sell itself off completely.

Some considered Yahoo (YHOO) a media and advertising company, for example, while others thought of it as a more Web tools outfit. Still, others considered it a turnaround situation, requiring a wholly different kind of CEO.

Perhaps therein lies the problem–it is still hard to define precisely what Yahoo is and is not, even for its ex-employees.

In any case, here are some of the best suggestions:

1. The Media Mogul

“I think they need to sell to a media company,” said one ex-Yahoo, who posits the move needs to be drastic enough to truly reset Yahoo.

In this scenario, search gets sold to Microsoft (MSFT) and Yahoo’s online content is combined with media assets of a big entertainment and news conglomerate.

That would make the leader of Yahoo one of the following: Bob Iger of Disney (DIS); Rupert Murdoch/Peter Chernin of News Corp. (NWS); Jeff Zucker of General Electric (GE) unit NBC Universal; or Les Moonves of CBS (CBS). (News Corp. is the owner of this Web site.)

2. The Insider

A lot of votes here for former Yahoo COO Dan Rosensweig and not so many for current President Sue Decker.

Why? Several ex-Yahoos mentioned a need to refocus intently on products and the need for a product-obsessed leader, but one who also knew Yahoo well and could get things moving without needing a lengthy learning curve.

“Since Dan R. left, I think there’s been a definite void (at the senior exec level) on the product/consumer expertise and advocate front,” said another ex-Yahoo.

Other execs mentioned are former Yahoos Jeff Weiner and Jeff Mallett.

But several also pointed to board member John Chapple, who is the one most insiders say they are guessing will be the next CEO, especially since he has been reaching out to Yahoos on many levels and asking questions.

3. The Microsoftie or Googler

The new top name here is obviously recently departed online ad exec Brian McAndrews, former CEO of aQuantive, whom many think would be a strong pick and would focus the company on advertising.

In addition, most of those leaving–including several technical people–all seem to agree that Yahoo needs to get out of the search business, and pronto.

Said one engineer: “I hate to say this, but as good as we can be, we cannot compete in the war that is breaking out between Google and Microsoft. And it will only get uglier.”

Other names mentioned in this category include Yusuf Mehdi and Kevin Johnson of Microsoft, as well as Tim Armstrong of Google (GOOG).

4. The Fixer

While there are a lot of different opinions out there among the ex-Yahoos I spoke to, all agree that the company is in need of a sharp operator and someone who can do what it takes to turn the company around quickly.

That means someone like former Vodafone CEO Arun Sarin, whose name has popped up recently, or even nontechie execs known for operational skills.

“We need a decisive leader, given how slowly it takes for things to change at Yahoo, who has a real sense of urgency from the minute he or she gets the job,” said one ex-employee.

Another former exec described it as a “two-step process.” First, the turnaround CEO needs to come in and reorient, focus, and get the company going in the right direction, then a more product-oriented person can be installed under that CEO later.

5. The Holy Grail-Steve Jobs Option

I think the most interesting idea I got from all the many former Yahoos I spoke to was that Apple (AAPL) CEO Steve Jobs swoop in and buy Yahoo.

When I laughed out loud at this notion at first, the exec insisted that it was a feasible idea, given that Apple was interested in expanding its platform beyond its now-popular devices.

It’s an interesting bit of wishful thinking, of course, to imagine a “great leader” to calmly guide the company back to its roots.

Jobs, in fact, memorably addressed a meeting of Yahoo VPs in the fall of 2007. As I wrote then: “Jobs basic message [to Yahoo]: You have great assets–just like Apple did–and now it is all about execution.”

Yes, that tiny little detail.

6. Raise the Yangtanic

Interestingly, pretty much all the ex-Yahoos I talked to–as angry as some are at him for his tenure as a CEO less successful at execution and the ensuing loss of market value at Yahoo–said they did feel there was a need for Co-Founder Jerry Yang to stay around in a significant way.

“Jerry has been a really bad CEO,” said one former employee. “But he could still be an important leader at Yahoo and give the company the kind of inspiration it so desperately needs.”

Not everyone is on board with that.

“I completely disagree that Jerry should stay around. Jerry is one of the main issues at Yahoo and he and [David] Filo must go, as well as most of the board,” said one former Yahoo. “There needs to be free rein for the new CEO to make changes and that won’t be possible if Jerry is still there. Jerry is a nice guy and his heart is in the right place but he has failed as both board leader and CEO and the company needs to start fresh if it is to have a chance.”

Adds the ex-Yahoo: “Steve Jobs would be great, but I think he is busy.”

I wrote:

Many would not be surprised if one of these current directors is named to lead Yahoo, even temporarily, and to get a new CEO in place by the New Year (a board priority): John Chapple, Maggie Wilderotter or Frank Biondi Jr.

But a dark horse outside CEO–with the public company experience the board of Yahoo is looking for as its top priority–could emerge.”

The Wall Street Journal raised such a name in a piece today–former Vodafone Group (VOD) CEO Arun Sarin (pictured here).

It’s an intriguing idea, to be sure, and the mobile phone experience is important going forward. (Also interesting is the one-time idea floated of merging Yahoo and Vodafone.)

More to the point, Sarin meets the list of key criteria the board has created, as noted in a previous post I did here:

The board, though, has apparently made a list of six–I have no idea why that is the number chosen–clear criteria for the new leader of Yahoo.

The first is that the candidate have ‘extensive’ experience as the CEO of a public company. Another calls for media and advertising expertise. And mergers and acquisitions experience. Also strategic skills.”

The 54-year-old Sarin fits all that, according to the Journal story; plus he also served on the Cisco (CSCO) board with Yang. He is also quite friendly with the Yahoo (YHOO) co-founder (another important thing, since Yang is sticking around as Chief Yahoo).

While his Vodaphone tenure was not without controversy–apparently, some thought he was too slow to diversify, a major uh-oh for the glacial Yahoo, and a less-than-firm central leader–Sarin did do a lot of turnaround work and has been involved in big acquisitions and cost-cutting.

Sarin also has lots of Silicon Valley experience–he ran InfoSpace (INSP) during the Web 1.0 bubble and was also involved in the troubled joint-investment venture between Accel Partners and Kohlberg Kravis Roberts.

Two more clear uh-ohs to me. But nobody’s perfect, I guess, and stumbles are not necessarily negatives in Silicon Valley–they’re called experience!

In that dark horse vein, sources mention several names like Sarin, who also fit the Yahoo board’s list. One I have mentioned before–Hewlett-Packard (HPQ) exec Todd Bradley–has a similar background at palmOne as CEO, for example.

And here’s another idea (all mine!) for the still-mulling Yahoo board: former Adobe CEO Bruce Chizen (pictured here), who left the media software company after many years, in November, quite abruptly, despite a very good reputation as a leader.

I have no idea why Chizen left Adobe (ADBE). But he is only 52 years old and has lots of acquisition, strategy and cost-cutting and tech experience.

Whatever names are funneling into the final pool, the Journal story noted the selection could be weeks away, although sources I have spoken to close to the situation said Yahoo was trying to move much faster and by year’s end.

That’s a better plan, since Yahoo needs clarity, and soon, in order to decide quickly what to do about both its potential search deal with Microsoft (MSFT) and its merger talks with Time Warner (TWX) online unit AOL.

While the board of directors should spend as much time as it needs to pick the right person, the fact that it has wasted so much time on not doing something about long-term and obvious leadership problems at Yahoo is the clearest sign of its true failure.

While there are layoffs all over now, as evidenced by the dismal jobs reports last week, the long-planned Yahoo (YHOO) layoffs will definitely be taking place Wednesday.

The layoff number was announced by its (eventually outgoing) CEO Jerry Yang on its last earnings call on Oct. 21. BoomTown wrote about the exact timing of the sad date a few weeks ago.

Many Yahoos have emailed me to ask the particulars last week, since most at the company don’t know what’s up.

Here is what I found out:

1. The number currently remains at 1,500, although given the current economic environment, several sources at Yahoo expect the eventual numbers to add up to be more that that, up to 2,000.

“Things have changed since these layoffs were announced,” said one source close to the situation. “But those additional cuts might not come Wednesday, but through attrition and a hiring freeze first.”

2. The layoffs are mostly across the board. But expect general, human resources and finance to take a bigger hit, since the expenses are cost-based and most of their costs are staff.

3. Employees targeted will be told on Wednesday morning with a “normal separation period,” said a source close to the situation, which means they will be out within a few hours on the same day.

4. Yahoo execs, sources say, are not expecting any serious problems, i.e., extremely upset employees, because these layoffs have been long anticipated. But there will be security present at its Sunnyvale HQ and elsewhere, as there always is with most big layoffs at any company.

Still, said one source, that does not mean there will security hovering over departing workers, except perhaps in cases of those who deal with more sensitive information.

5. Most employees do not know if they will be let go yet, nor has management in charge of the cuts made that public.

That’s because whole projects might be eliminated, sources said, and the cuts might present yet another chance to restructure more. Already, there are rumors of whole divisions being moved among big managers, probably to stake out territory before a new CEO is installed.

While constantly moving around furniture in a living room does not change the room shape or size, rejiggering is a favorite Yahoo management practice.

But, as Yang said in an interview with me in late October:

“I look at these cuts as both a short-term and long-term effort. In the short term, we have consolidation and organizational corrections to make. In the long term, we will look at our whole portfolio and are now asking ourselves in each case if we need to be in this business. We’re asking ourselves–should we sell it or should we shut it down? That is the kind of comprehensive look we are doing across the company.”

6. No, Yang is not leaving as CEO quite yet, although this week is a perfect time to name a new CEO and get the focus off of the bad news at Yahoo.

As I have previously written, many would not be surprised if one of these current directors is named to lead Yahoo, even temporarily, and to get a new CEO in place by the New Year (a board priority): John Chapple, Maggie Wilderotter or Frank Biondi Jr.

But a dark horse outside CEO–with the public company experience Yahoo’s board is looking for as its top priority–could emerge. More on those names later.

[UPDATED: H-P exec Todd Bradley has been a public company CEO, which I reflected below correctly.]

With Yahoo board Chairman Roy Bostock reportedly assuring investors and others that the company will have a CEO in place by the end of the year, it seems prudent for BoomTown to initiate an official Yahoo CEO Countdown.

After all, this column had a 100-Day No-Sacred-Cows Vision Quest to mark the time that Jerry Yang said he needed to give Yahoo a top-to-bottom look-see when he took over last summer as CEO.

Yang announced he was stepping down on Nov. 17, prompting the search for someone to lead Yahoo (YHOO) to the promised land where BoomTown countdowns are illegal.

But that’s not today, so here’s the 26-days-to-go update:

It looks like Yahoo has almost no chance to nab a top candidate, News Corp. (NWS) COO Peter Chernin. While Yang made nice and Bostock quickly lobbed in a call to get the well-known exec to come in and talk, several sources said Chernin declined even that.

Of course, moguls like Chernin are pros at not interviewing–one media player schooled me that you apparently never show interest in a job and only take it if a full offer is made, because if you don’t get it after chit-chatting, you look like a loser.

But I don’t think it is a slick feint on his part, even though Chernin is now engaged in contract renewal negotiations at News Corp. (which owns this Web site).

Consider: If you were Chernin, would you want to trade your powerful, well-paid, glamorous job in Hollywood and New York for what will surely be a slog of a job in Sunnyvale, and in a cubicle?

And Chernin has told many he is not interested in doing the job, although News Corp. would still love to do some sort of deal to combine its online assets, like MySpace, with Yahoo’s, as it almost did many times.

While Chernin did just take delivery on a Tesla, showing some clear geekiness, and he would be an exciting get for Yahoo, it’s the longest of shots.

The same is true for some other names that have been floated (by me!).

But several of the people are on the Yahoo board’s list too. And while things can change, it is more unlikely any of them will be the pick.

That includes former Yahoo COO Dan Rosensweig, who has a good life now as a media investor; former eBay exec and OpenTable CEO Jeff Jordan, who told his investors he does not want to be in the running and was sticking with the start-up’s IPO plans–if and when the economy recovers (although Yahoo could buy OpenTable and, thus, Jordan); former eBay (EBAY) CEO Meg Whitman, who could be running for governor of California; and former AOL CEO Jon Miller, who is not secretly buying Yahoo, but who could not be its leader anyway, since he is bound by a Time Warner (TWX) noncompete agreement until the end of March.

Another sticking point: The Yahoo board has limited the pool by a list of six criteria that it has drawn up, with the No. 1 being a CEO candidate has to have public company CEO experience.

If enforced, that nixes some folks, like Google (GOOG) exec Tim Armstrong. In addition, Yahoo President Sue Decker getting the nod is even more unlikely, for that and other reasons, according to many.

From my lists, that leaves DoubleClick head David Rosenblatt (his company is now owned by Google); Demand Media’s Richard Rosenblatt; former Viacom (VIA) head Tom Freston; former CNET CEO Shelby Bonnie; Hewlett-Packard (HPQ) exec Todd Bradley; and Juniper Networks (JNPR) CEO Kevin Johnson, who was the Microsoft exec who was key in the Yahoo takeover attempt there.

All have reasons not to either want or be able to take the Yahoo CEO job, so that means there could be a dark horse candidate. (I am now drawing up yet another list of qualified public CEO tech and media execs).

Here’s one: Yesterday, after it was announced he was stepping down from Microsoft (MSFT) in the wake of its hire of former Yahoo tech star Qi Lu as its online leader, I noted that I liked Brian McAndrews for the job.

Plus, the former CEO of aQuantive, which Microsoft bought for $6 billion last year, would be a delicious irony. But those who have talked to him told me McAndrews–who did want the digital head job at Microsoft and was left hanging by the software giant’s CEO Steve Ballmer–seems intent on taking time off now.

Alternatively, one of the two Yahoo board members, Maggie Wilderotter or John Chapple, both have the public company CEO checked off.

Personally, I am betting on one of them as CEO, although I believe it would be better if Yahoo picked a fresh outside choice.

So do a lot of execs remaining at Yahoo, most of whom visibly roll their eyes at the idea of a board member taking over, considering the record of the directors so far in guiding Yahoo’s fortunes.

That’s why the board–which definitely has not distinguished itself by any criteria so far in Yahoo’s long fall from grace–should try to get it right this time, as Yahoo can’t take any more of the way it has been running the show so far.

According to numerous sources inside and outside the company BoomTown has spoken to this week, board Chairman Roy Bostock (pictured here) has been asserting a new CEO will be named by the new year.

Only 28 more shopping days left until management clarity!

Well, maybe not so much.

Why?

Because there’s actually no “official” search committee that has been appointed by Yahoo’s board, sources said.

Instead, an informal group–with Bostock and board member Gary Wilson at the lead, with help from all the rest of the board–is conducting the effort jointly, along with exec search firm Heidrick & Struggles.

It’s almost like a Berkeley collective!

The board, though, has apparently made a list of six–I have no idea why that is the number chosen–clear criteria for the new leader of Yahoo (YHOO).

The first is that the candidate have “extensive” experience as the CEO of a public company. Another calls for media and advertising expertise. And mergers and acquisitions experience. Also strategic skills.

That’s a tall order, of course, to deliver on in such a short time.

In addition, the idea of bringing in at the same time a No. 1 and No. 2 exec has been considered, with one stronger in media and the other in product and technology.

It is hard to find an exec with skills in both, even in the best of situations.

Think pairing someone like News Corp. (NWS) COO Peter Chernin with Google (GOOG) exec Tim Armstrong or DoubleClick exec David Rosenblatt with, say, Yahoo CTO Ari Balogh and you get the concept.

But many who have spoken to board members at Yahoo said they get the distinct impression that they are leaning toward one of their own–former Nextel head John Chapple, former media exec Frank Biondi, Jr. or former Microsoft (MSFT) exec Maggie Wilderotter (pictured here).

That is due to wanting someone who has operational skills, but also can get things moving at Yahoo, while also being able to continue to work with Yang.

He will remain on the board and regain his title of Chief Yahoo. Sources said Bostock and other board members believe that Yang remains an important and beloved figure at Yahoo among the rank and file and needs to remain involved going forward.

Another key reason for wanting to pick an insider is that Bostock has also intimated that Yahoo was ready to do a deal at any time in the next week or so to merge with AOL–with or without a new CEO in place.

Consummating that might irk an outside candidate, who would have to manage the complex merger without input into its making, rather than a board member, who has been involved.

Talks between Yahoo and AOL have been never-ending and due diligence extensive, as this column has previously reported, although slower of late, because of the uncertainty around Yahoo leadership.

And the price–or, more specifically, the percentage–Yahoo has been willing to fork over to AOL owner Time Warner (TWX) has been the key sticking point, especially as Yahoo’s stock has waned in price.

Yahoo has long wanted to give Time Warner about 20 percent of the merged company, while Time Warner has wanted one-third. At current prices, that’s about $3 billion in value versus $5 billion.

But, if such a deal could finally be struck, it might be a dramatic and apt swan song move for Yang (pictured here), which could inject a bit of excitement into the mostly lackluster situation for both Yahoo and AOL.

Yang and others at Yahoo have also long felt that the company would have more leverage with Microsoft if it also controlled AOL–when and if it formally restarts its talks with the software giant about some sort of search deal.

Interestingly, many close to the situation said that there is still resistance among the “old guard” of the Yahoo board to doing a search deal at all.

New board member and activist shareholder Carl Icahn has loudly called for such a partnership with Microsoft.

But there is still extensive internal debate about whether it is wise to decouple search from Yahoo, many sources said, even if it brings in massive guaranteed revenues and allows Yahoo to cut costs in its engineering ranks.

Said one person close to the situation: “A lot of what has been going on is the board trying to figure out what kind of company does Yahoo aspire to be. That determines the type of person they bring in.”

When everyone else has been selling, it seems Carl Icahn has decided to throw good money after bad–as in nearly $1 billion bad–by buying almost seven million more Yahoo shares, according to a regulatory filing.

Why is he doing it? BoomTown is guessing that the billionaire investor thinks he can recoup some of his massive losses in Yahoo, as Jerry Yang prepares to step down, and the board, on which Icahn sits, names a new leader.

That’s why my guess is that the choice of a new CEO is likely to be sooner than later and much more Icahn-friendly.

That could point more clearly to perhaps one of two execs whom Icahn brought with him to the Yahoo (YHOO) board–either former media exec Frank Biondi Jr. or, more likely, former Nextel exec John Chapple.

Another theory is that Yahoo will pick a more low-key, tech-oriented outsider, an operational star who can get things turned around at Yahoo without a lot of fuss, similar to choices made for eBay (EBAY) in its pick of John Donahoe, and Mark Hurd at Hewlett-Packard (HPQ) recently.

One of the names being bandied about in that regard is HP exec Todd Bradley (pictured here).

Bradley is in charge of its massive Personal Systems group, a $28 billion annual business, which includes personal computers, mobile devices, technical workstations, digital televisions, personal storage solutions and Internet services.

Interestingly, another top HP exec, Vyomesh (VJ) Yoshi, who runs its Imaging and Printing group, is currently a director on the Yahoo board.

In any case, the purchase of 6.7 million more Yahoo shares for about $65 million by Icahn over the last several days is definitely a move to watch.

Icahn, who waged a proxy fight against the Internet giant, owns stock that has lost about $900 million in value since he bought about five percent of Yahoo earlier in the year.

That loss comes from his purchase of about 70 million shares in the spring, at about $25 a share, of Yahoo stock, right in the midst of its takeover battle with Microsoft.

Yahoo shares closed Friday at $10.58, up 33 cents.

With the new purchase, Icahn now owns about 5.4 percent of Yahoo, which–combined with three board seats–gives him a lot more clout over decision-making and in forcing the current board to make a CEO pick who will be more interested in doing some sort of deal with Microsoft (MSFT) quickly.

Icahn has long agitated for Yahoo to sell all or part of itself off to the software giant, a move that has been resisted by Yahoo leadership. Instead, Yang tried to pull off a deal with Google (GOOG), which failed.

But that leadership is about to change, as the board searches for a new CEO to replace Yang, who said he was ready to step down a few weeks ago.

Lots of names have been floated for the job–from News Corp. (NWS) COO Peter Chernin to DoubleClick head David Rosenblatt to Google exec Tim Armstrong, as well as former Yahoo COO Dan Rosensweig.

Most sources inside and outside the company do not expect its current president, Sue Decker, who is also up for the job, to be selected.

But many point to a current Yahoo board member as a quick choice, in order to get some key initiatives moving, such as a Microsoft deal or a merger with Time Warner (TWX) online unit, AOL.

That points to someone like Chapple (pictured here), who has been querying a range of midlevel Yahoo execs of late, presumably to get a lay of the land at the company for the board.

He or perhaps even board member Maggie Wilderotter could be picked as an interim CEO, in order to signal to investors that true change is on the way at Yahoo.

Whoever is chosen needs to move quickly said many I spoke to about the Yahoo CEO job.

Wrote one experienced Internet exec in an email to me, reflecting a very common sentiment:

“Whoever comes in is going to have one shot to define the product to the consumer in a way that differentiates it from the rest of the market and provides unique value. Their brand is fuzzy right now. And they’ll have to find a uniqueness in their ad sales so they are not relegated to being the also-ran.”

Well, with all the money riding on it, Carl Icahn certainly has to hope that does not become the case.

And, no surprise, he is the No. 1 choice of most inside and outside Yahoo (YHOO) in the wake of the news late yesterday that current CEO and co-founder Jerry Yang is stepping down.

And why not? Chernin has the right resume: Experienced at running large and complex organizations; savvier than most in media about the Internet; able to make the kinds of dramatic decisions needed; and, perhaps best of all, signaling–via the Los Angeles Times–just this past week that he was open to leaving the powerful media and entertainment conglomerate for something new.

Well, Yahoo would certainly be new for Chernin, in terms of a corporate cleanup challenge, especially compared to figuring out how to make bank on plush toys from “The Simpsons.”

And, while the risks are many, if Chernin (pictured here) managed to turn around Yahoo, he could make a huge fortune too, given Yahoo shares have languished of late, much in the same way they did when former CEO Terry Semel came to Yahoo from Hollywood in 2001.

But it’s not altogether clear whether Chernin would actually leave his powerful perch at News Corp. (NWS) — which owns Dow Jones and owns this Web site. He has been ensconced there for a dozen years, building a huge reputation as a sharp exec (No, Peter, I am not kissing up, as I think Yahoo would wear even you down very, very quickly).

That’s even though many note he is not likely to take over as CEO from its iconic leader, Rupert Murdoch. The media mogul is widely expected to favor one of his own children to lead News Corp. next.

And the 57-year-old Chernin already makes close to $30 million in his current job, which is definitely challenging.

And, although Chernin has been involved in the News Corp.-owned MySpace and has had success backing the Hulu online video site, it is not nearly as hard as the five-year turnaround quagmire (plus no fabulous media mogul perks either) that Yahoo could turn out to be.

In addition, privately to other News Corp. execs, Chernin has regularly pooh-poohed a move to a digital company, even though he is always on the short list for a lot of big Internet jobs — such as the long-unfilled post as digital head at Microsoft (MSFT) more recently.

So, who else to take over from Yang, who will return to his job as Chief Yahoo after stepping down from the company as soon a search for a replacement CEO is successful?

Well, here is BoomTown’s own shortish list, based on asking a wide range of people inside and outside Yahoo, all of whom are important digital players in their own right.

INSIDE YAHOO

Sue Decker:

The current president of Yahoo is certainly being “considered” for the job, which is a polite term for not really being considered at all. While Decker is an intelligent and thoughtful exec, like a politician with a record, she has had her hand on the operating tiller at Yahoo for too long not to get deservedly blamed for its current situation.

In addition, she is radioactive to big investors, who have told the Yahoo board in no uncertain terms that she is a nonstarter.

Maggie Wilderotter:

The former Microsoft exec, who has also been a public company CEO, is an interesting idea floated by some, who think the Yahoo board might turn to one of its own directors, as a short-term solution to stabilize Yahoo.

Wilderotter has been much focused, said several Yahoo execs, on cost-cutting at Yahoo and certainly is not as tarnished, being a more current board member. But she is a largely unknown quantity in the Internet space and, most importantly, at Yahoo.

John Chapple:

The former CEO of Nextel is one of the two board members (former media Frank Biondi Jr. is the other) recently picked by Carl Icahn, when the activist shareholder was admitted on the board as part of the proxy fight settlement.

Chapple has, sources said, been conducting chats with Yahoo execs lately, perhaps as a way to get a lay of the land. If he got the job, it would be clear Icahn had won his Pyrrhic victory (and personal financial defeat) against Yang.

OUTSIDE YAHOO

Dan Rosensweig:

The very funny, but brash, former Yahoo COO is definitely a favorite within Yahoo’s ranks, except for those who don’t like him. But it’s clear Rosensweig does know and love Yahoo, is close to Yang and, ironically, enjoys a tight relationship with Microsoft CEO Steve Ballmer, who also wanted him for the digital head job.

Also, Rosensweig, who does have operating chops, has gotten some much needed time away from Yahoo, as a partner at the tony media investment firm, the Quadrangle Group.

Meg Whitman:

Another dreamy CEO choice, except she has already been a big company CEO at eBay (EBAY), has proved her mettle in building it to a powerhouse–despite the online auction site’s currently harder times–and has the giant fortune to prove it.

And, oh yes, she is likely to be using that pile of cash to run for governor of California, on the Republican ticket.

Jon Miller/Ross Levinsohn:

The Bobbsey Twins of the Internet, the pair are now having a very good time running their own investment company, the Velocity Group.

But, aside from some questioning whether he can make the quick decisions needed at Yahoo, Miller (pictured here on the right), the former head of AOL, does not want to leave his New York home and cannot take any job anyway until his noncompete with Time Warner (TWX) runs out in March.

And former Fox Interactive Media head Levinsohn likes Los Angeles, and probably is too fast a personality for Yahoo (his going there would be a shock to its system, but would be endlessly entertaining to me personally).

Tim Armstrong:

The top ad exec at Google (GOOG) certainly is an interesting idea, although has little of the product experience needed to run Yahoo. But he is a well-respected advertising figure–where Yahoo needs to shine–and could do well with a lot of strong execs under him.

He is also not on a CEO path at Google–paging, Larry Page!–and could be interested in proving he could run a company on his own.

Kevin Johnson:

The former Microsoft exec was supposed to be running Yahoo, if he and Ballmer pulled off their takeover attempt earlier this year. They did not, and Johnson then left Microsoft to run Juniper Networks (JNPR) in Silicon Valley, right up the road from Yahoo, in fact.

But Johnson is likely subject to a noncompete by Microsoft and a strong contract at Juniper too. Still, a very sharp exec, he definitely has the operating, political, technological and digital skills to take on Yahoo. Also, ironically, he and Yang really get along well and like each other, despite the takeover battle.

Of course, there are a lot of other ideas: Disney (DIS) online exec Steve Wadsworth; the outside-the-box choice of former Procter & Gamble (PG) marketing wizard Jim Stengel; Microsoft digital exec Yusuf Mehdi; CBS (CBS) digital head Quincy Smith (whose hyperactive dealmaking would likely lead to a mutant merger between CBS and Yahoo); and former Cisco (CSCO) and current Joost CEO Mike Volpi.

Please post suggestions below or, better yet, send tips to me at here.

Please see this disclosure related to me and Google.

With a $10 stock price, the turning down of Microsoft’s $31 a share offer, a collapsed search advertising deal with Google (GOOG), fleeing execs and bad news aplenty, it’s easy to blame Yahoo CEO Jerry Yang and call for his ouster.

After all, the buck does stop with him.

Or does it? Because, to my mind, if there is anyone to cast stones at in the ongoing crisis at Yahoo, BoomTown would have to toss a large boulder in the direction of the company’s incredibly shrinking board.

The board is, after all, Yang’s boss and the ones charged with keeping Yahoo (YHOO) on track. That’s why their apparent stasis is just astonishing, if it were not quite so appalling.

And that’s also the opinion of major Yahoo investors, who have been watching with horror as their equity in the company has also shrunk to an infinitesimal size, with little apparent movement by the directors of Yahoo.

“They have no sense of urgency or seem to feel any pressure to do anything, even though by every metric they have failed,” said one investor I recently spoke to, who has been in touch with some Yahoo board members recently. “Should they kick Jerry out? Should they restart talks with Microsoft? Should they consider other options to turn the company around? And while they’re telling me they are going to do something, nothing happens.”

Said another big investor: “With all the other things going on in the economy, I have just decided to move on and write Yahoo off…but the lack of action by the board is really hard to understand.”

What’s hard to know is exactly what new board member Carl Icahn–the billionaire shareholder activist (pictured here), who joined after a very public fight with Yahoo, along with two others he hand-picked, former Nextel CEO John Chapple and former Viacom exec Frank Biondi–has been up to.

Not much, it seems, for the typically noisy gadfly, who owns five percent of Yahoo and has lost a fortune doing so.

Last week, Icahn did suddenly pop up on CNBC and make a declaration: “We believe as large shareholders that eventually we at Yahoo should, if available, make a deal with Microsoft to do search. We could save a fortune at Yahoo if Microsoft could do search for us.”

Yang himself made a similar suggestion at the Web 2.0 Summit last week that Yahoo was open to a deal to sell the whole company to Microsoft.

It was an offer Microsoft (MSFT) CEO Steve Ballmer shot down the very next day, although the software giant is still obviously interested in a search deal.

But sources at Microsoft tell me that Ballmer has said recently that he has no idea who to work with at the company to get anything done and that Yahoo–especially its board, since his relations with Yang have not been successful–has to be the one to act first.

That means, of course, that the ball is squarely in the Yahoo board’s court to do something–at this point, really, anything.

And those directors should be hard at work trying to hit it, instead of not even deigning to take a swing.

So perhaps this means that those talks are about to become more serious still. Time Warner (TWX) CEO Jeff Bewkes did say earlier this month that AOL’s future “will probably get decided fairly soon.”

And if it does and the company is able to ditch AOL on Yahoo? Well, as I’ve said before, Yahoo (YHOO) will no doubt spin such a combination as one that would bolster its domestic market position. But rather than a synergistic powerhouse, a merger of these companies is more like two louts coming together to make one cretin. Not exactly a proven formula, considering recent history. AOL+Compuserve = FAIL. AOL+Netscape = FAIL. AOL+Time Warner = FAIL. AOL+Yahoo?

The reason is a noncompete Miller (pictured here) signed, part of a severance agreement he reached with the media giant after it unceremoniously tossed him out in late 2006.

A Time Warner spokesman said Miller was barred from working “for a variety of competitors, including Yahoo, until March of 2009.”

Like it matters.

According to sources at Time Warner (TWX), the decision came from on high at corporate and not from the AOL unit. And it is not due to jealousy over attention Miller has received of late–Microsoft was also interested in hiring him to take over for departing exec Kevin Johnson.

Miller, sources said, was called by Time Warner CEO Jeff Bewkes (pictured here) last night and told by him, “We’ve changed our mind.”

Why?

Well, to be sure, Miller is no Time Warner favorite, even after being gone for almost two years.

But Miller, whom Time Warner and AOL execs never miss an opportunity to bash, off the record, is also no threat to AOL, which he actually helped revive from the ruins of the disastrous AOL-Time Warner merger.

While working on my second book about AOL in 2002, I will always remember visiting Miller at AOL HQ in Dulles, Va.–where he took up residence in former AOL exec Bob Pittman’s office–and finding him unusually calm after he got the thankless job of following Pittman and AOL icon Steve Case.

Time Warner forces, in the form of new CEO Dick Parsons, had finally managed to take back control of the company and–in a fit of misguided pique–brought holy hell down on the AOL unit.

It was a profoundly emotional reaction, which cost Time Warner precious years and much, much money, as the Internet business revived itself and AOL largely sat on the sidelines.

Miller was in the unenviable position of cleaning up the mess, while also having to listen to endless griping from his bosses.

And, despite the line being put out by Time Warner, he did a pretty good job.

While he might have dumped the dial-up business sooner and been more of an organized manager (the two big complaints about him), Miller did strike AOL’s lucrative Google search ad deal and also bought Advertising.com. (He also tried to buy YouTube, to no avail.)

That purchase should be reason enough for Time Warner to erect a small altar to him, given that it is one of AOL’s only truly valuable assets and the reason Microsoft (MSFT) and Yahoo (YHOO) have been interested in possibly buying the unit.

But no.

Instead, there is the usual he-said-she-said wrangling about whether Miller got approval for being let out of the noncompete clause.

Time Warner apparently claims Miller never got an official waiver, and Miller forces say Bewkes okayed the issue weeks ago, when it was first announced that Miller was one of the board picks being put forth by activist investor Carl Icahn.

It defies belief to go with Time Warner version, given everyone and their mother’s mother knew Miller was the likely pick of both Icahn and, especially, Yahoo CEO Jerry Yang.

More interesting is why Time Warner would choose to speak now, especially on the day of Yahoo’s board meeting.

At the meeting, the Yahoo board approved expanding its number of directors from 9 to 11 and formally voted to let Icahn take over the seat being vacated by Robert Kotick.

Miller was the shoo-in, with other likely choices. including former Nextel (S) exec John Chapple, media exec Frank Biondi and former Grey Global Advertising head Edward Meyer.

Perhaps Bewkes imagines somehow that Miller will be a leverage point in talks Time Warner has been having with Yahoo to be acquired. But the smooth exec is an expert negotiator and that seems unlikely.

More likely is that those talks, like AOL’s talks with Microsoft, have gone a little cold of late as everyone shuts up and stops making ill-conceived moves, to show Wall Street that they have their forward-leaning Internet strategies figured out.

No one does. Not Yahoo. Not Microsoft. And, most definitely, not Time Warner’s AOL.

That’s why Bewkes should stop the saber-rattling and free Miller to serve on the Yahoo board.

Yahoo could benefit and, as it stands now, Time Warner just looks silly–it does not want Miller, but it doesn’t want anyone else to have him.

My three-year-old knows how to share better than that.

In a brief interview with Reuters, Icahn seemed oddly reserved for someone who, up until last week, had always been ready with an unkind word and an outstretched middle finger for Yahoo and its fumbling leadership. Apparently, holding 59 million shares in a company that’s somehow managed to undermine a merger deal with Microsoft (MSFT) that would have valued it at up to $47.5 billion has taken some of the spring out of his step. “While the Google deal is not the same as an offer of $34.375 per share for Yahoo, I am continuing to study it, and it might have some merit,” Icahn said. “I continue to be extremely disappointed with the Yahoo management, but the Google deal might have some merit and seems to be better than the alternative deal proposed by Microsoft.”

Icahn offered no comment on the future of his proxy fight for the company’s board, though one would imagine he must be having some second thoughts about it now that Microsoft has thrown up its hands in disgust and has apparently walked away from the negotiating table for good. And the “change of control” provisions that allow Google or Yahoo to terminate the partnership they’ve just inked in the event that a majority of Yahoo’s board is replaced at its upcoming annual shareholders meeting in August can’t be sitting well with him either.

But not to worry, dissident Yahoo investor Eric Jackson has a plan that may right the company and prevent its current proprietors from driving down its value once again. He’s urging fellow shareholders to vote for a board slate that includes four directors proposed by fellow activist Carl Icahn and five from Yahoo. “I want Icahn to win outright, but I am putting forward this ‘third option’ because I fear several large investors will worry about the operational abilities of Icahn and his team,” Jackson wrote in an essay entitled “Third Option for Yahoo.”

So who would Jackson like to see elected to Yahoo’s board? From Icahn’s slate he recommends Adam Dell, Lucian Bebchuk, John Chapple and Edward Meyer. And from Yahoo’s existing board Vyomesh Joshi, Robert Kotick, Maggie Wilderotter, Gary Wilson and Jerry Yang.

Jerry Yang? Really?

“Although I have been disappointed with the results of Jerry Yang’s tenure as CEO and hold him accountable for the poor outcome with Microsoft, I believe that–as a co-founder–he should remain on this board,” Jackson explained. “Whether or not he remains as CEO is something for the new board to determine. I frankly hold Mr. Bostock [Yahoo Chairman Roy Bostock] more responsible for the breakdown in talks with Microsoft. He supposedly has much more experience in such deal-making matters than Yang, and I find it puzzling that he would choose not to attend that fateful May 3 meeting in Seattle, which led to Microsoft finally pulling the plug on their offer.”

In a brief interview with Reuters, Icahn seemed oddly reserved for someone who, up until last week, had always been ready with an unkind word and an outstretched middle finger for Yahoo and its fumbling leadership. Apparently, holding 59 million shares in a company that’s somehow managed to undermine a merger deal with Microsoft (MSFT) that would have valued it at up to $47.5 billion has taken some of the spring out of his step. “While the Google deal is not the same as an offer of $34.375 per share for Yahoo, I am continuing to study it, and it might have some merit,” Icahn said. “I continue to be extremely disappointed with the Yahoo management, but the Google deal might have some merit and seems to be better than the alternative deal proposed by Microsoft.”

Icahn offered no comment on the future of his proxy fight for the company’s board, though one would imagine he must be having some second thoughts about it now that Microsoft has thrown up its hands in disgust and has apparently walked away from the negotiating table for good. And the “change of control” provisions that allow Google or Yahoo to terminate the partnership they’ve just inked in the event that a majority of Yahoo’s board is replaced at its upcoming annual shareholders meeting in August can’t be sitting well with him either.

But not to worry, dissident Yahoo investor Eric Jackson has a plan that may right the company and prevent its current proprietors from driving down its value once again. He’s urging fellow shareholders to vote for a board slate that includes four directors proposed by fellow activist Carl Icahn and five from Yahoo. “I want Icahn to win outright, but I am putting forward this ‘third option’ because I fear several large investors will worry about the operational abilities of Icahn and his team,” Jackson wrote in an essay entitled “Third Option for Yahoo.”

So who would Jackson like to see elected to Yahoo’s board? From Icahn’s slate he recommends Adam Dell, Lucian Bebchuk, John Chapple and Edward Meyer. And from Yahoo’s existing board Vyomesh Joshi, Robert Kotick, Maggie Wilderotter, Gary Wilson and Jerry Yang.

Jerry Yang? Really?

“Although I have been disappointed with the results of Jerry Yang’s tenure as CEO and hold him accountable for the poor outcome with Microsoft, I believe that–as a co-founder–he should remain on this board,” Jackson explained. “Whether or not he remains as CEO is something for the new board to determine. I frankly hold Mr. Bostock [Yahoo Chairman Roy Bostock] more responsible for the breakdown in talks with Microsoft. He supposedly has much more experience in such deal-making matters than Yang, and I find it puzzling that he would choose not to attend that fateful May 3 meeting in Seattle, which led to Microsoft finally pulling the plug on their offer.”

And, as BoomTown wrote yesterday, so the war of attrition for Yahoo begins.

Not with a bang, but a whimper. And so much whine, I am considering serving up a nice plate of cheese to all players.

But while the first moves by Microsoft (MSFT), which is seeking to take over Yahoo (YHOO), seem a bit weak, it is likely the more significant bombs will start flying next week.

But not quite yet.

First, came a not-so-subtle insinuation from Microsoft Steve Ballmer that he could take his marbles and go home any time.

He noted yesterday in a speech in Milan (Milan? OK, we’ll go with it) that the software giant is “prepared to move forward alone without Yahoo.”

A show of hands of who actually believes this claim, please, a classic go-fish negotiating ploy? No one? We thought so.

Then, comes the artfully worded Wall Street Journal story today, in which it is revealed that some at Microsoft are skeptical of the deal.

Apparently, Microsofties are worried that the job of merging Yahoo into Microsoft will take precious attention away from, well, them!

Well, that’s been the biggest open secret at Microsoft. Almost anyone you talk to notes that the Yahoo deal is risky, but it would be done no matter what due to Ballmer’s determination to use Yahoo to better hammer at rival Google (GOOG).

“This is Ballmer’s war,” said one Microsoft employee to me recently, who also noted that it is still a good move for Microsoft, despite the slowness of the attack. “I doubt he will surrender.”

Well, BoomTown suggested Microsoft do so back in mid-February in a post, noting that Ballmer might do better to use the $41 billion to buy up every hot start-up in Silicon Valley–Digg, Meebo, Slide and even the hopelessly high-valued Facebook–and still have money left over to buy everyone a tank of gas.

The Journal story also listed previously reported names of possible directors for a proxy slate Microsoft must nominate to replace Yahoo’s current board.

They include, noted the story, “former Nextel Partners Inc. CEO John Chapple, former Grey Global Group Inc. CEO Edward Meyer, Jaynie Studenmund, the former chief operating officer of Overture Services Inc., which was later acquired by Yahoo, and former Adelphia Communications Corp. Chief Financial Officer Vanessa Wittman, according to people familiar with the matter.”

Not to be whiny about it or anything, but with no truly prominent Internet executive or figure among these director possibilities so far, BoomTown would have to say we are profoundly underwhelmed by the list.

Thus, we await more powerful forces.

And that might be sooner than later. Microsoft will announce its earnings this afternoon, which–if they are strong and lift the price of Microsoft stock and, therefore, the Yahoo offer–could be the first big gun to fire in the proxy fight.

BoomTown wrote a few weeks ago that Microsoft (MSFT) was fishing in Silicon Valley and also for “three to four big-name CEOs” for directors to nominate for its own Yahoo (YHOO) board slate, in the event the software giant took off the gloves and tried to oust Yahoo’s current board and replace it with its own.

For the life of me, I could not think of anyone at all in the Web sector who would turn on Yahoo’s CEO and Founder Jerry Yang like that, except perhaps Facebook CEO Mark Zuckerberg, who owes Microsoft $240 million worth of loyalty. Helping Microsoft in its hostile bid to acquire Yahoo would make them even.

Yesterday, TechCrunch threw out several very interesting prospects in a post, none too flashy, except perhaps for former Viacom (VIA) President Tom Freston. The others named are former Grey Advertising CEO Edward H. Meyer; former Nextel Partners CEO John Chapple and former eHarmony CEO Jaynie Studenmund.

That’s certainly a lot of formers!

Ironically, the well-respected Freston was often floated as a possible CEO candidate of Yahoo, if former CEO Terry Semel ever stepped down, especially after he was ousted by Viacom’s wacky owner Sumner Redstone, who was upset that Freston let News Corp.’s (NWS) Rupert Murdoch snap up MySpace. Freston has recently become active in the online video space, as an investor in sites like Veoh.

We’ll see if it comes to this for Microsoft and Yahoo, who were reportedly in informal talks, as a proxy fight is probably the last choice for both sides.