Angry board members, shareholders forced Yang to backpedal
Nicholas Carlson · 05/06/08 07:34AMSuddenly, Yahoo CEO Jerry Yang is telling reporters he's "willing to listen" to Microsoft offers below $37 a share. Why the change of heart? Because Yang had a bad day Monday. Major Yahoo shareholders slammed him in the press. Employees were angry and the Yahoo board took heat, too. "I'm extremely disappointed in Jerry Yang," Capital Research Global Investors portfolio manager Gordon Crawford told the Wall Street Journal. "I think he overplayed a weak hand." Crawford also directed his ire at Yahoo's board of directors: "The independent directors were not responsive to the needs of independent shareholders." A very tenuous source tells us at least one Yahoo board member got the message and was heard venting over the phone about Yang's performance, saying, "I'm done with this ego trip shit, he's out."