It’s hard to believe, but after all these years, the Yahoo board is still a contender for America’s worst corporate board.<br />The announcement last week that the board is officially exploring “strategic alternatives” code for a sale and hiring advisers is confirmation that it is still stumbling, refusing to take a stand as its chief executive, Marissa Mayer, flounders.<br />Yahoo’s decision is something of an about-face from only a few months ago.<br />Then, the board had decided that a spinoff of Alibaba stock was too risky.<br />The issue was tax the I.R.S. had stopped approving these transactions and although its law firm was willing to bless the transaction, the Yahoo board decided not to go forward.<br />Instead, the company said that “market perceptions” dictated that it do another transaction.<br />The board would spin off Yahoo itself and, for good measure, said it would consider “alternatives.”
