Yahoo board: big fudge

Investors breathed a sigh of relief when Yahoo announced that chief executive Terry Semel was leaving. But relief has turned quickly to confusion as investors fear the board has opted for a fudge that could leave Yahoo in a poor position to maximize value from its assets. While replacing Semel was a smart move, the board has made a hash of it. Making Semel the chairman, while naming Jerry Yang as chief, does not address Yahoo’s technological or strategic problems. Further compounding the situ...