Yahoo's Yang may be yearning for yesterday

What a way to celebrate.

As TechCrunch points out, Wednesday is Jerry Yang's one-year anniversary as chief executive of the Internet company he co-founded. And it's sure been a rough transition from chief Yahoo to chief executive. In fact, running Yahoo makes sumo wrestling seem like a peaceful pastime.

To recap: Yang is under fire from shareholders for failing to sell Yahoo to Microsoft. He has handed over some of the company's search business to archrival Google. Top bloggers are speculating about likely successors. (Although personally we prefer Fake Jerry Yang's ("I'm not indecisive, I'm thoughtful") nominations for replacing uber-blogger Kara Swisher). And senior executives and talent are competing to see who can leave first.

The latest defections: Flickr founders Caterina Fake and Stewart Butterfield, the husband and wife team who sold their start-up to Yahoo in March 2005 for $35 million in cash (Tongues are already wagging about what the dynamic duo will do next).

Yahoo's response: "Stewart Butterfield and Caterina Fake have made tremendous contributions to Yahoo over the years. Caterina Fake's last day with the company was Friday; Stewart Butterfield's last day will be July 12th. We greatly appreciate all their work and dedication and wish them well in their new
endeavors."

Not quite the execution with "speed, clarity and discipline" that Yang promised Yahoos on his first day.

How will the board respond to this relentless negative onslaught? Stay tuned.

-- Jessica Guynn

Photo by Paul Sakuma / Associated Press