Yahoo plans reshuffle, seeks new (better) board members

Yahoo plans reshuffle, seeks new (better) board members

Summary: Yahoo is reportedly looking for new blood in its board. 'Why' is not clear, but considering the massive failings in recent months, it was almost inevitable.

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Yahoo is searching for new board candidates to replace "possible outgoing directors".

The company hired executive search firm Heidrick & Struggles to "assist" in the efforts, sources familiar to the matter said, speaking to the Wall Street Journal.

It was this week we saw the new chief executive Scott Thompson brought into the fray to sort things out at the Internet search giant. He left his job as president of PayPal, but not before 'liking' Yahoo on Facebook, which partly gave the game away.

The sources said that the search is aimed at "replacing directors who have been on the board for a long time". It makes sense. Perhaps this was the first decision made by Thompson, considering the board's prior failings.

So let's take a quick look as to why the board may be searching for some replacements.

In fact, Business Insider actually summed this one up rather nicely:

  • This is the board that rejected Microsoft's $32/share offer.
  • This is the board that hired Carol Bartz.
  • This is the board that spent 100 days trying to find a new CEO.
  • This is the board that could have bought Google and Facebook for cheap and said no.

That board was pretty sucky for the most part. Hopefully this new year will bring in a new board sooner rather than later.

And one of competence isn't such a hard ask, is it?

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  • Who zoomed who

    I think we can pretty much rule out the idea that this was "the first decision made by Thompson." CEOs do not select the Board. The Board appoints the CEO.

    That said, Thompson might have been astute enough to make replacing a bunch of board members a condition of his accepting the CEO job, and the Board was desperate enough to get him that several of them offered to go away quietly. After all, why even go in there if you're reporting to a gaggle of turkeys whose track record at decisionmaking is abysmal.

    Either way, it would require the assent of the big institutional shareholders, who I'm sure are up-to-here with excuses, failed promises, and subpar performance.
    Robert Hahn