Jeff Weiner, executive vice president of the network division at Yahoo has left the building.
Citing his wish to spend more time with his family after the arrival of his child, Weiner barely returned from paternity leave before announcing that he was leaving Yahoo for good. He had been assiduously courted by Accel Partners and Greylock Partners, both venture capital firms concentrated on the Web 2.0 market.
Weiner is tentatively expected to accept a position at both firms as a exec, splitting his time and responsibilities at the same time as he shifts his priorities regarding work and family.
As to additional reasons Weiner is leaving, (his new baby aside) if a deal with Microsoft were ever to happen Weiner is one of the least likely to stick. It may just be time for him to move on, but his timing is interesting as he bails before the stockholders meeting.
Scheduled for August, the much postponed meeting is expected to be a showdown between Yahoo’s current board and the opposing faction led by corporate raider Carl Icahn. Icahn led a storm of share buying after the deal with Microsoft fell through, and announced his intent of staging a palace coup in order to force Yahoo to re-open negotiations.
Weiner has obviously decided not to wait around in anticipation of a cut of the ‘poison pill’ severance package that had provoked another enraged response from Icahn. Perhaps he knows it’s a lost cause; Microsoft shows no sign of continued interest in a complete acquisition. Icahn supports the dismantling of the plan, and the matter is due to be heard in a Delaware court next month.
Yahoo board members initially claimed they started the severance plan to protect employees in the aftermath of a merger with Microsoft, but have since voted to make the agreement legal and binding in the event of a board change. The matter should be decided before the stockholders meeting on August first, and it is loudly opposed by Icahn and his troops.
Weiner is the highest profile exec to leave Yahoo since Bradley Horowitz defected to Google in February. His decision, while understandable, is untimely for Yahoo as the attempt to focus on the upcoming meeting and the ongoing battle with Icahn. It remains to be seen if his move paves the way for an exodus of Yahoo brass.