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There is no doubt in my mind that Yahoo! ( YHOO) is one of the most dysfunctional public companies on the planet. No doubt it deserves its prominent presence on my list of the worst-run companies.

Yahoo!'s co-founder and former CEO Jerry Yang finally resigned from the company earlier this year. He will be long remembered as the CEO who turned down a large takeover offer from Microsoft (MSFT) several years ago. That came a few months following the firing of CEO Carol Bartz, who produced nothing over her nearly two-and-a-half-year tenure at the company.

Now former PayPal President Scott Thompson is Yahoo!'s CEO. Thompson plans to split the company into three divisions. Talk about rearranging the deck chairs.

Priority No. 1 should be monetizing the company's holdings in Alibaba. Priority No. 2 must be returning cash to shareholders. Priority No. 3 has to be selling the company. The problem is that the company has been up for sale for over a year now, and there are no takers.

For another take on Yahoo!, check out " 5 Rocket Stocks to Buy in May."

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