Wednesday, December 03, 2008
Well yesterday was an interesting day. It's fun to once in a while shake things up in Tech. See I have been around long enough to know that nobody takes you seriously in this unless you have a few million in the bank and have run a bunch of large companies into the ground.
What I do choose to point out is that there are a lot of people who've invested in Yahoo and lost their backside. Now, every day the company which is right now profitable is spending money and not making real progress to fix things that could bring it closer to recovering to the point of where more people want to invest in it. So it's sort of a Loss-Leader. Eventually people will get tired of it, pull all of their money out and it will dry up and wither away.
You read about all of the prospective buyout offers...have to be approved by a majority of shareholders (Icahn only has 5% of the company), the remaining investors will SUE Yang and the others if their investments are not protected and will tie up any deals they don't like in court for so long forcing both sides to rescind them.
Yahoo keeps saying it wants to be bold. It wants to be something again, but Jerry keeps saying how he thinks it's time for a new leader, but he wants to stay on. Nobody wants that over their head. I sure don't. The only way I will come in as CEO is if the current board steps aside along with the Management team to be replaced by people of my choosing. They'll be experienced people, but they'll have no ties to Yahoo's past. They'll not be former officers of the company looking to make a name. They will not be founders wanting to have their hands in things. They'll be a board that will understand that this CEO makes policy while respecting their opinions, but really only wants them there as corporate figureheads, nothing more. And, this CEO will be President & CEO of the company. No Susan Decker around looking bad enough to be singled out in a poll and listed more important to fire, than to make a deal with AOL. That's pretty sad Susan. Who did you piss off?
Yahoo needs someone who has focus on a vision and imparts that vision to everyone else in the company in such a way that they are excited about it. Also in such a way that they understand that their mission in the company is to bring that vision to life. If they don't agree with it, if they don't want to help with it, then their mission is to pack up and find some other place to rest their backside. I never said that I'd come in and not lay anyone off. That I would not make cuts deeper than any previous CEO. That I would not expect EVERY salaried employee to extend their workday if necessary to see that they're job was done and to ensure that their part of the company was on track to be profitable. I would expect that, and I would be laying people off to slim down excess. I would be with my team going through every single property that we own and evaluating it for profit potential. I would be going through every license agreement that we had and evaluating it for benefit to Yahoo. There's a lot I would do.
My thought is that Yahoo is going to dilly-dally around and miss out on the opportunity to bring me on. I am not going to spend my time offering things to them much longer. In fact my offer to come in as CEO at the salary that I am offering to do this for will expire on 12/31/2008 at Midnight ARIZONA TIME, that's 11:00pm California Time. After that, the price will triple or simply be non-affordable for Yahoo, Inc.
I guess we'll wait and see what happens. In the meantime if there is a company out there who does desire someone with a go-get-it-done attitude and one who will make changes to a company, send me an email. I will be happy to consult with you about how to change your company and get you on the right track. The cost? We'll talk, but my engagement price is well known, and it's NOT on my current website.
Michael Murdock, CEO