Last Updated Aug 20, 2007 7:09 PM EDT
- The board will not act.
- Jerry Yang (and also co-founder David Filo) is simply not someone who would ever lead a boardroom coup.
- There is no outside investor influential enoughâ€"at this pointâ€"to force Semel to leave.
- Nothing will happen until it is completely clear that results are in for Yahoo's new Panama system for monetization, which Semel has pushed and is banking on.
- There's no successor in place yet.
- The way for Semel, 64, to leave will likely be on his own steam, once the focus is off his salary and Panama improves Yahoo's prospects.
Although still difficult to do, removing Yahoo's directors has become a more realistic option for shareholders because of a new policy adopted this year. The rules now require each Yahoo director to be approved by a majority of the votes cast. Previously, Yahoo directors only needed a single supporting vote to prevail in uncontested elections, no matter how many shareholders may have been opposed.No matter your opinion of Terry Semel and the board, it's undeniable that something ain't right with Yahoo! The company has underperformed the S&P index (4.29% for Yahoo! and 9.27% for the S&P) and has been completely eclipsed by Google ($160 billion market cap for Google and $37 billion for Yahoo!). No matter what happens tomorrow, it's bound to be interesting, if only for its moribundity.