Carol Bartz, Yahoo's CEO got an earful yesterday at the tail end of the company's annual shareholder meeting. An angry shareholder, Steve Landry--an advisor to institutional investors with "millions of Yahoo shares"--stood up at the end of what was up until then a surprisingly feel-good affair, given the total underperformance of the stock for the past three years, and asked for her head.
He goes through a list of issue and concerns, calling Yahoo a "debacle" and a "circus." He starts out by addressing "the elephant in the room": the search for Bartz' successor.
"It came out earlier this week in a blog that the board is secretly talking to other CEO candidates," he said. "I have heard similar details. I believe it's true. The last thing Yahoo needs right now is a lame duck CEO. The buyout talks over your contract need to start today."
Landry also brings up the Hulu acquisition rumor and suggests Jason Kilar could be a good CEO candidate for Yahoo. But he thinks buying Hulu would be a bad idea.
He finishes by calling on the board to break up or sell the company. "The status quo is no longer working," he says.
Bartz responds to all above:
You're welcome, and thanks for your opinion, the bloggers' opinions and the rumors. What else? Wonderful. That was certainly a downer.
Here's the audio clip: