Yahoo’s effort to chop itself up and sell off its parts seems to be taking longer than expected.This presumably means that the offers the company has gotten for its parts aren’t high enough to enable the board to somehow declare victory when it finishes destroying the company.
Meanwhile, Yahoo’s still-amazing core business continues to drift.
Yahoo’s board has finally gotten around to hiring a search firm to pretend to look for a CEO while the board continues its yard sale. This search probably won’t begin in earnest until the board concludes that there really are no takers at anything other than fire-sale prices. And, by then, Yahoo’s core business will have lost several more critical months. But the search will probably begin eventually. And that’s where we come in!
Two months ago, after Carol Bartz got canned, we announced our offer for Yahoo.
For simplicity’s sake, this offer was constructed as a reverse-merger, in which we agree to allow Yahoo to acquire Business Insider and then appoint me CEO.
(This deal-structure is easier than my spending months schmoozing with private-equity, Jack Ma, Jerry Yang, et al, to construct a deal in which we actually buy Yahoo. I like Jerry, Jack, Dan Loeb, and the folks at Silver Lake, et al, but given the amount of ego-stroking that would be involved here, I’d rather stick needles in my eyes (as Jack Nicholson put it so well in Terms of Endearment.))
So we announced our offer. And the offer still stands. Except that it now has one important new condition…
One thing I learned from reading (about) Walter Isaacson’s biography of Steve Jobs were more details about the circumstances under which Steve returned to Apple. Steve taught many people many things, and one of the things he has now taught me is that you need to set your terms upfront. Especially when dealing with the board!
So thanks to Steve, I am now going to impose this one additional condition on my becoming CEO of Yahoo:
Immediately upon appointing me, the entire board must resign.
Oh, I might ask one or two folks to rejoin the board as I reassemble it. I like David Kenny, for example. And Jerry. And there are a couple of other folks on there whose talent and intelligence I can only assume is being smothered by the rest.
But it’s easier to start fresh and build than it is to shoot people one by one. Especially when there are so many more important things to do.
So that’s my new condition, Yahoo.
If the board wants me to become CEO and restore this once-great company to greatness, the entire board must agree to resign.
I realise this is probably a tough condition to swallow, so there’s no need for an immediate response to our offer. And, by all means, while you’re considering it, continue with the yard sale.
In the meantime, congratulations to Yahoo’s excellent Finance team for redesigning Yahoo Finance. It looks beautiful. In fact, it looks just like Business Insider!
SEE ALSO: Announcing Our Offer For Yahoo!