Yang Resigning?

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According to Henry Blodget, a rumor was going around this morning that Jerry Yang was planning to resign. However, Yahoo is denying Yang is stepping down, citing his attendance at the Sun Valley conference this week and his interview with the WSJ yesterday.
In that interview, Yang said he was unhappy with how "Microsoft has become more and more intentional" in destabilizing Yahoo. He believes that trusting "Mr. Icahn and his board is really a bad choice."
It appears that Yang may be running out of time, as his meeting with Gordon Crawford of Capital Research Global Investors last week did not go well, as Crawford indicated he was "seriously considering voting against Yahoo" at the August 1st board meeting. Crawford, whose fund owns a 6.5% share in the company, is upset with the downward spiral of Yahoo's stock price and the absence of a long term plan for the company.
Crawford could be joined by Legg Mason's Bill Miller, who indicated he would back Icahn if he could guarantee a sell price of at least $33 a share. However, that price seems highly unlikely now. Yahoo is in an even tougher spot than before thanks to growing support for Icahn's board.
Hey, at least Yang could use this handy template to help him out if he chooses to resign.
-- Yang poker Travis

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