Carol Bartz, CEO of Yahoo, almost escaped his company's shareholder meeting Thursday with hearing nothing but support, despite a stagnating business and shares depressed. But in the final minutes, the unlikely lovefest transformed litigation when an investor has made a fierce attack on the direction of Yahoo and called for MS. Bartz be replaced.
"Out of disbelief and frustration, I think it's time to talk and demand change," the shareholder told the microphone. He added that "talks to buy out your contract need to start today".
Ms. Bartz Yahoo is trying to turn around after several years of indirection and missteps by his predecessors. Patience of investors for his mandate of two years, however, is wearing thin.
Shareholders of Yahoo expected to be a public airing of frustration shareholder. But only one of a few questions from participants was negative.
The investor who voiced dissent, later identified as Steve Landry, called himself as an individual who advised the shareholder holds more than a million shares to institutional investors. The media was not invited to the meeting and could hear only through a Webcast.
Mr. Landry has taken issue with slow turnaround of Yahoo and criticized the portrayal of Ms. Bartz of the company during the event as a strong and growing. He then mentioned a rumor that the Council had been looking for a replacement — the elephant in the room, as he put it — and said that "the last thing that Yahoo needs is a lame duck a.d."
Ms. Bartz, who is known for his pugnacious, replied calmly: "thanks for your opinion, thanks to bloggers and thanks for the entries. Wonderful — which was certainly a downer. "
Then the meeting ended abruptly.
At the beginning, Roy Bostock, Yahoo's President, gave a glowing review of the work of Ms. ra Bartz, which included streamlining its operations, concentrating on its strengths such as content and restructure its infrastructure. Although there remains much work to do, said he was confident that the company was heading in the right direction.
"The progress that we have done is thwarted because this card is very supportive of Carol and the management team," said Mr. Bostock.
A person who knows the mind of the Council emphasized support for MS. Bartz said "rumors that there is a search c.e.o are unequivocally false."
In their voting, investors showed some dissatisfaction with Ms. ra Bartz and Mr. Bostock, though not an overwhelming amount. Both were re-elected after receiving the votes against them by about 20 percent. The other members of the Council supported by the society were elected with votes against them by about 10 percent.