We're still waiting for one shareholder, any shareholder, to stand up and support Yahoo!'s actions.
Crawford went on to comment in
The Wall Street Journal, in an highly unusual public dressing down for such a large investor in such a high-profile company:
"I'm extremely disappointed in Jerry Yang ... I think he overplayed a weak hand. And I'm even more disappointed in the independent directors who were not responsive to the needs of independent shareholders."
Back-Tracking, and Your Vote
The natives are restless -- and Yahoo! knows it. Late Monday, presumably after a non-stop barrage of phone calls from angry shareholders, Yang and Bostock back-tracked,
telling Reuters: "If they [Microsoft] have anything new to say, we would be open. ... I [Jerry] am more than willing to listen."
This openness to a deal is what's supporting Yahoo!'s stock, which continues to strengthen today, up about 5% at $25.57 in recent trading Tuesday. Shareholders may believe a deal with Microsoft is imminent. We'll see.
One thing is clear: Shareholders can no longer trust that their interests will be protected by the current members of this board.
In my opinion, they all need to go. Sunday,
I launched a "withhold" campaign aimed at Yahoo!'s board. I'm asking all Yahoo! shareholders, whether you're Gordy Crawford or Bill Miller or John Doe Investor, to mark the "against" box on the Yahoo! proxy, which you will receive in the coming weeks, ahead of the July 3 Yahoo! annual meeting.
At that meeting, all shareholder votes will be tallied to see who voted "for," who voted "against," and who voted "abstain" for each and every director. If any director receives 50%-plus votes marked "against," that director must tender his or her resignation, according to Yahoo!'s corporate by-laws. Yahoo! might choose not to accept the resignation, but that would likely further raise the ire of investors.
Eric Jackson
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