Yahoo's Yang gives his 'don't crush our stock we're ok' address
Yahoo CEO Jerry Yang on the company's corporate blog gave investors--that's who he's really speaking to--a "what doesn't kill you makes you stronger" missive.
Yang had to say something given he's in for an ugly Monday following Microsoft's walkaway over the weekend. However, it's highly doubtful that Yang's post will do much good for shareholders that would have taken Microsoft's $33 a share (ZDNet blog focus, News.com roundup). He didn't say much of anything. Yang said:
The last 13 weeks have been a remarkable time here at Yahoo!. We've been living under the microscope in a way we never have before. There has been greater attention than ever on our strategy and our ability to execute against it. Some even questioned whether Microsoft's unsolicited proposal would distract us from our mission, just as we were beginning to really push the pedal on our strategy.
Those people underestimated the determination of Yahoo!'s incredible people, spirit and culture.
The rub: Spirit doesn't keep your stock around $30. And Wall Street isn't patient anyway.
With Microsoft's withdrawal, we'll be better able to focus our energy on growing our industry leadership and maximizing value for stockholders. We'll continue to execute on our plan - making your Internet experience as personal, relevant, open and social as possible, serving advertisers so well they insist on working with us, and opening up Yahoo! in a way that developers dream of. And, we'll also continue to pursue strategic opportunities that position us for long-term success.
The rub: Dan Farber notes that Yahoo's plans to open up may be the company's savior. However, Yang is just reiterating previous comments here.
We know the spotlight will probably stay on us for a while. That's fine - we have a clear path ahead and momentum to build on. And thousands of dedicated Yahoos around the world who have held up well to scrutiny. It's now up to us to show what we Yahoos can really do.
The rub: Yang has this one correct--Yahoo will be watched very closely. Yahoo has to execute. Or else.