SORRY, JERRY: Yahoo's Board Has Not Really "Commenced A Search For A CEO"
Yes, Yahoo's board has created a sub-committee tasked with conducting a CEO search, a source familiar with the situation tells us. And that sub-committee has begun talking to executive search firms--so, officially, a process has indeed commenced. But that sub-committee has not yet hired an executive search firm--and, therefore, has not really begun searching for a permanent CEO.
And there's actually a good reason for this.
Any buyer of all or part of Yahoo will almost certainly want its own boss in charge.
So there's no sense in rushing out and paying huge money to a search firm and a new CEO when that CEO might be instantly canned the moment Allen & Co. delivers a suitable transaction.
So the truth is that Yahoo's not really looking for a new CEO. It's just sitting there, dead in the water, hoping someone will make it an attractive offer, while its still-plenty-impressive core business withers on the vine.
How long will it be before Allen & Co. delivers an attractive deal.